Economic policy of the Hugo Chávez government

From his election in 1998 until his death in March 2013, the administration of the late Venezuelan president, Hugo Chávez, proposed and enacted socialistic economic policies.

In the early 2000s when oil prices soared and offered Chavez funds not seen since the beginning of Venezuela’s economic collapse in the 1980s, Chávez’s government became “semi-authoritarian and hyper-populist” and consolidated its power over the economy in order to gain control of large amounts of resources.[1][2] Domestically, Chavez used such oil funds for populist policies, creating the “Bolivarian Missions,” aimed at providing public services to improve economic, cultural, and social conditions.[1][3] Such policies included redistribution of wealth, land reform, and democratization of economic activity via workplace self-management and creation of worker-owned cooperatives.[3] Internationally, the Chávez administration used oil production to increase autonomy from U.S. and European governments and used oil funds to promote economic and political integration with other Latin American nations.[3]


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