Hugo Chávez Against the Backdrop of Venezuelan Economic and Political History
By Hugo J. Faria
This article appeared in the Spring 2008 issue of The Independent Review
The origins of Venezuelas economic plight lie not in Chávezs subversion of representative democracy and free markets, but in numerous socialistic and mercantilistic policies adopted gradually over several decades. Understanding the effects of those policiesincluding the countrys first nationalization of an industry in 1950is the key to understanding the predicament of Venezuela under Chávez.
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