The Venezuelan Revolution

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VENEZUELA’S HYPERINFLATION; FINDING A SOLUTION
INTRODUCTION
Located in the most northernmost part of South America, lies Venezuela, a home to over thirty-one million people (The World Factbook, 2018). Most of the people live in the northern or western highlands, which includes their capital city of Caracas (The World Factbook, 2018). Similar to the unequal population distribution in the country, Venezuela suffers from an unequal distribution of total income. That being said, the World Bank still classifies Venezuela as an upper middle income of development. (World Bank, n.d.). Advancements in their income development, as well as the development of the country as a whole, is hindered due to underlying economic issues. Currently halting Venezuela’s …show more content…

Previous to Moros lead was the Chavez administration which did have some successful programs in reducing poverty, but also during this administration was the “brain drain” where many middle and upper-class Venezuelans emigrated from the county (The World Factbook, 2018). This does not contribute to further development of the country when many of the people that moved away were oil engineers, which is a big industry that Venezuela is dependent on. Without the specialist in this industry, it prevents expansion and growth of this …show more content…

The government was just shuffling money around trying to hide a bad debt problem to stay out of bankruptcy (Staying afloat, somehow; Venezuela’s debt crisis, 2017). Research finds that this sticky situation is what racked up the government’s debt was the oil prices. Oil is one of their main exports, so with oil prices as low as $25 a barrel caused a decrease of 77% from previous years to only bring in $22 billion from is exports (Praying to pay; Venezuela’s economy, 2016). With less revenue from its exports, the country found itself in a financially difficult situation. The debt started to rack up as they were unable to settle their obligations, the government continually delayed and pushed back payments. The country now at the start of a debt crisis turned to printing money in a hopes to pay off their debt (Staying afloat, somehow; Venezuela’s debt crisis, 2017). Which in turn, was the series of events that entered them into their hyperinflation state.
Many journal articles state that the reversal of the oil prices was the event that really sparked Venezuela’s economic crisis. As well as, years of governmental economic miss management contributed to the start and continuance of Venezuela’s drastic economic catastrophe. Large governmental debt, lead to an excessive amount of printing money which these events then lead the country to a state of

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