LAMC Venezuela Under Hugo Chavez and Beyond Command Economic System Case Study

1. Under Chávez’s leadership, what kind of economic system was put in place in Venezuela? How would

you characterize the political system?

2. How do you think that Chávez’s unilateral changes to contracts with foreign oil companies will affect

uture investment by foreigners in Venezuela?

3. How will the high level of public corruption in Venezuela affect future growth rates?

4. During the latter part of Chávez’s rule, Venezuela benefited from high oil prices. Since 2014, however,

oil prices have fallen substantially. What has the af-fect of this has been on government finances and

the Venezuelan economy?

5. During the Chávez years, many foreign multina-tionals exited Venezuela or reduced their exposure

there. What do you think the impact of this has been on Venezuela? What needs to be done to

reverse the trend?

6. By 2016, Venezuela’s economy appeared to be on the brink of total collapse. What do you think needs

to be done to reverse this?

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