brief project on venezuela crisis
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Venezuela, home to the world’s largest oil reserves, is a case study in the perils of petrostatehood. Since its discovery in the 1920s, oil has taken Venezuela on an exhilarating but dangerous boom-and-bust ride that offers lessons for other resource-rich states. Decades of poor governance have driven what was once one of Latin America’s most prosperous countries to economic and political ruin. If Venezuela is able to emerge from its tailspin, experts say that the government must establish mechanisms that will encourage a productive investment of the country’s vast oil revenues
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A socioeconomic and political crisis that began in Venezuela during the presidency of Hugo Chávez, has continued into the presidency of Nicolás Maduro. It is marked by hyperinflation, climbing hunger, disease, crime and death rates, and massive emigration from the country.[3] The situation is the worst economic crisis in Venezuela's history and the worst facing a country that is not experiencing war since the mid-twentieth century.[4][5][6] In comparison to historical crises, the crisis in Venezuela is more severe than that of the United States during the Great Depression, of Brazil's 1985-94 economic crisis, of Zimbabwe's 2008-09 hyperinflation crisis or of Russia, Cuba, and Albania following the collapse of the Soviet Union.[6][7]
Crisis in Venezuela






Top to bottom, left to right:
Protesters confront the People's Guard during the 2014 Venezuelan protests; millions demonstrate during the Mother of All Marches; a man eating from garbage in Venezuela; empty store shelves from shortages in Venezuela; people queued to enter a store; Paola Ramírez, a female student, killed by colectivos[1] during the 2017 Venezuelan protests
Date2 June 2010[2] — present
(8 years, 11 months, 3 weeks and 3 days)Lead figures
Hugo Chávez
Nicolás Maduro
Juan Guaidó
On 2 June 2010, Chávez declared an "economic war" due to increasing shortages in Venezuela.[2] The crisis intensified under the Maduro government, growing more severe as a result of low oil prices in early 2015,[8] and a drop in Venezuela's oil production from lack of maintenance and investment.[3] The government failed to cut spending in the face of falling oil revenues, and has dealt with the crisis by denying it exists[9] and violently repressing opposition.[3][10] Political corruption, chronic shortages of food and medicine, closure of companies, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.[11][12][13]
Supporters of Chávez and Maduro say that the problems result from an "economic war" on Venezuela[14] and "falling oil prices, international sanctions, and the country's business elite"; critics of the government say the cause is "years of economic mismanagement, and corruption".[15] In 2018, the United Nations High Commissioner for Human Rights(OHCHR) documented that "information gathered indicates that the socioeconomic crisis had been unfolding for several years" before international sanctions,[16] with Michelle Bachelet saying in 2019 that the social and economic crisis was dramatically deteriorating, the government had not acknowledged or addressed the extent of the crisis, and she expressed concerned that although the "pervasive and devastating economic and social crisis began before the imposition of the first economic sanctions", the sanctions could worsen the situation.[17][18] National and international analysts and economists have stated that the crisis is not the result of a conflict, natural disaster or sanctions but the consequences of populist policies and corrupt practices that began under the Chávez administration's Bolivarian Revolution and continued under the Maduro administration.[6][19][20][21]
The crisis has affected the life of the average Venezuelan on all levels. By 2017, hunger had escalated to the point where almost seventy-five percent of the population had lost an average of over 8 kg (over 19 lbs) in weight,[a] and more than half did not have enough income to meet their basic food needs.[22] Reuters reported that a UN report estimated in March 2019 that 94% of Venezuelans live in poverty, and more than ten percent of Venezuelans (3.4 million) have left their country.[23]The UN analysis estimates in 2019 that twenty-five percent of Venezuelans need some form of humanitarian assistance.[23][24] Venezuela led the world in murder rates, with 81.4 per 100,000 people killed in 2018, making it the third most violent country in the world.[25]