Venezuela, officially the Bolivarian Republic of Venezuela, is a country located on the northern coast of South America. It is known for its large proven oil reserves. Before oil was discovered, Venezuelan production was primarily agriculture, such as coffee and cocoa.[1] After the first commercial drilling for oil in 1917, oil production increased drastically due to the oil boom of the 1920s and was later furthered by World War II, as Venezuela supplied oil to the United States.[2] From 1958 to 1989, democratic leaders attempted to use the large oil revenues to invest in other industry through various policies such as import substitution and other programs designed to diversify the Venezuelan economy away from a highly specialised export range. These attempts, for the most part, were unsuccessful as Venezuelan government revenues continued to be highly volatile due to the fluctuating price of oil, which was reflected especially throughout the 1980s due to the oil price crash.[3] After struggling with fiscal debts due to a variety of trade protection measures and other policies,[1] the President of 1989, President Andrés Pérez, worked with the International Monetary Fund in an attempt to rectify some of the issues plaguing the Venezuelan government. Perez was eventually unsuccessful due to political instability due to proposed austerity measures, and Hugo Chávez was later elected in 1998, after a defeat of both major political parties. The Chávez government begun enacting various socialist programs, such as free education and healthcare.[4] These programs would continue up until Chávez's death in 2013. President Nicolás Maduro, Chávez's successor, was elected on 14 April 2013[5] and pledged to continue Chávez's work. However, due to hyperinflation, shortages of food and medicine and political instability, about 3 million Venezuelans have fled the country since 2015.[6]
^ abHaggerty, Richard (1990). "Growth and Structure of the Economy". US Library of Congress. Retrieved 14 September 2018.
^Alvarez, Fiorito, Johannes, James (June 2, 2005). "Venezuelan Oil Unifying Latin America". Ethics of Development in a Global Environment: 5–11 – via Stanford University.{{cite journal}}: CS1 maint: multiple names: authors list (link)
^Cite error: The named reference Grinned 2018 was invoked but never defined (see the help page).
^Cite error: The named reference Lapper 2018 was invoked but never defined (see the help page).
^Lopez and Watts, Virginia and Jonathan (2013-04-16). "Nicolás Maduro narrowly wins Venezuelan presidential election". The Guardian. Retrieved 9 November 2018.
^Daniels, Joe Parkin (2018-11-09). "Venezuela: about 3m have fled political and economic crisis since 2015, UN says". The Guardian. Retrieved 9 November 2018.
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