Curriculum The Economy of Venezuela
The Economy of Venezuela
Venezuela's economy: oil riches and collapse, nationalisation, Chávez and the Bolivarian revolution, price and exchange controls, Dutch disease, the 2014 crash, hyperinflation, the exodus, sanctions, informal dollarisation, prospects, and a recap.
- Venezuela: Rich in Oil, Poor in Outcomes Venezuela has the world's largest proven oil reserves, yet its economy collapsed over the past decade, one of the deepest peacetime declines ever recorded. 📄 Read-aloud
- The Oil Boom and Nationalisation Oil discovered in the early 20th century transformed Venezuela, and nationalisation in 1976 created the state company PDVSA. 📄 Read-aloud
- Chávez and the Bolivarian Revolution Hugo Chávez, in office from 1999, used rising oil revenue to fund social programmes while expanding state control over the economy. 📄 Read-aloud
- Price and Exchange Controls Fixed prices and a controlled exchange rate created shortages, black markets and corruption. 📄 Read-aloud
- Dutch Disease and Lost Diversification With oil revenues driving up the currency and consumption, farming and industry withered, leaving Venezuela dependent on imports. 📄 Read-aloud
- The 2014 Oil Price Crash and Collapse When oil prices fell in 2014, Venezuela's dollar income collapsed, imports fell sharply and the economy spiralled down. 📄 Read-aloud
- The Economy of Venezuela: Checkpoint 1 Quick checkpoint - five questions on the economy of venezuela. 5 questions
- Hyperinflation The government financed deficits by printing money, causing inflation of tens of thousands of per cent and wiping out savings. 📄 Read-aloud
- The Exodus Around seven to eight million Venezuelans left the country, one of the largest displacement crises in the world. 📄 Read-aloud
- Sanctions and the Oil Industry US sanctions from 2017 and 2019 limited Venezuela's ability to borrow and sell oil, worsening a crisis that had begun earlier. 📄 Read-aloud
- Informal Dollarisation and Partial Recovery As the bolívar collapsed, dollars circulated widely, easing some shortages and bringing partial stabilisation from about 2021. 📄 Read-aloud
- Prospects and What Would Be Needed Recovery would require stable politics, credible policy, restored oil investment and rebuilt institutions, and outcomes depend on fast-changing events. 📄 Read-aloud
- Venezuela's Economy: Recap A recap of Venezuela's rise, collapse and the lessons for resource-rich countries. 📄 Read-aloud