Hugo Chavez and Venezuela Essay - 1210 Words

Venezuela’s political prospects changed in 1999 when Hugo Chavez became president. Starting his presidency, Chavez created a new constitution for Venezuela, and the country’s name was changed to the Bolivarian Republic of Venezuela. Since then, the country had a total change as it underwent a system of socialism, as the oil company and many other private businesses were nationalized. In this socialist system, revenues generated from the oil industry were invested in social programs to help the country’s poorer population. On the other hand, Chavez confiscated many properties from those of the middle and upper class, transferring them to state ownership, and also created animosity with other nations, defying them in many†¦show more content†¦dollar in February (â€Å"Venezuela More Equal, Less Stable†). Critics say Chavez was an economy destroyer as he nationalized most companies while interfering in others, thereby scaring off and reducing foreign investment (â€Å"The Many Ways to See Chavez†). Similarly, oil specialists in Venezuela were fired by Chavez and replaced by his followers, the party loyalists. Foreign oil contracts were completely changed or were cancelled, making investment in Venezuela a risky business for international firms (â€Å"The Many Ways to See Chavez†). Kathryn Rooney Vera of the investment banking firm Bulltick Capital reported to CNN that â€Å"These factors have really led to shortages in basic staples. Venezuelans, for example, have suffered from a lack of, in some cases, baby diapers, or flour, or corn meal ... so this is just an example of the distortions in the economy that have been a result of Chavismo. Such is also the case according to a report issued by The Human Rights Watch, which claimed that Chavez was stifling the ability of journalists, human rights defenders, and other Venezuelans to exercise their fundamental rights (â€Å"Enemy of Human Rights†). It is not only Venezuelans and critics who see Chavez as an evil person, but economists feel the same way about him. The Economist’s Victor Alvarez, a former Minister of basicShow MoreRelated The Role of President Hugo Chavez in Venezuela Essays4884 Words   |  20 PagesThe Role of President Hugo Chavez in Venezuela Introduction Venezuela is a late bloomer in regard to having complete independence and in terms of running its own democratic government. Right now, the Venezuelan people are in the midst of the same debate that has historically plagued countries all over the world; the country is torn between class lines and is another classic example of the haves versus the have-nots. Caracas is the capital and the Andes region is home to two-thirds of theRead MoreEssay about Hugo Chavez and the Death of Democracy in Venezuela2365 Words   |  10 Pages Venezuela, located in the Latin American region, is a country that has been characterized by its abundance of oil reserve. A natural resource that has shaped the history and development of the country, affecting its economic, social and most important is political spheres. For many years Venezuela was controlled by authoritarian regimes. The country, being very important in the sense of geo-politics due to its abundance of oil, has been a key player in the i nternational arena and most importantRead MoreHugo Chavez Essay781 Words   |  4 Pagesthat answers the following question: Do you consider Venezuela, under Hugo Chavez (1998-2012), a democratic country? 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Venezuela is a country full of beauties and contrasts where people can find beautiful beaches, plains, mountains, and even the majestic highest waterfall of the world (Angel Falls). Also, oil rich nation, one of the upper 10 exporting countries worldwide. During more than four decades, this country lived in full democracy until 1999, when a former military officer, who was involvedRead MoreArticle Analysis of Hugo Chaves Death1203 Words   |  5 PagesThe reaction to Hugo Chà ¡vez’s death has caused a huge stir up in not only Latin America, but in the United States as well. There are many different opinions on how much Chà ¡vez’s death will affect the countr y of Venezuela as a whole. Certain articles state that his death is a positive for the country and how the country will now develop in a better way. Other articles state that his death is tragic and many people are saddened because of how much he has helped build the country. 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Connie Mack, a candidate for Florida’s U.S. Senate, just recently referred to his regime as, â€Å"the corrupt, terrorist supporting Chavez regime† (Gomez 1). He also argues â€Å"drug