Analysis: Economy

Whilst the rest of the world’s population continues to pay for the global financial crisis with their jobs, homes, education and health, and as bankers continue to award themselves millions of dollars in bonuses, the Venezuelan government has increased the percentage of net profits which banks must grant in credit to national social programs, demonstrating what a regulated and socially orientated banking system could look like for the rest of the world.

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Based on the analysis of the historic experience of what we call the Soviet mode of production – to differentiate it from the socialist mode of production theoretically formulated by Marx, Engels, and Lenin – we here analyze the experience of Venezuela, its process of recuperation of national sovereignty during the government of President Chávez since 1999 and the road traversed with the construction of the material and cultural bases of socialism since his reelection in December 2006 when the chief of state declared socialism as the path of development and the strategic objective to be obtained.

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Before the Bolivarian Revolution, Petróleos de Venezuela, S.A. (PDVSA) the Venezuelan state-run oil company, was completely cut off from society and its needs. The strategic guidelines of the country’s oil industry were set abroad to favour large multinationals such as Exxon and Shell, among others.

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The process of ongoing radicalization over an extended period under the presidency of Hugo Chávez contrasts with revolutions elsewhere throughout history.  This paper will focus on the dynamics of radicalization in Venezuela and will examine the factors that contributed to the process. 

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As a political actor against the Venezuelan government mainly via its editorials Veneconomy has just published a shameful piece trying to justify the actions of stockbrokers who did irreparable damage to the Venezuelan economy since exchange controls were imposed on January 17th 2003.

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Among the aims of community organization is that of building the communal State, where power is exercised directly by the people, through self-government, with an economic model of social property and endogenous development.

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These last twelve years have been in preparation for the “critical point” that inevitably approaches. It is a time that defines society’s direction. Everything done up to this point has been building towards this historic moment.

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