Economy

No devaluation is socially neutral, because of the dragging effect, where what Marx said is verified: all traders are potential speculators.

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The World Bank has joined the “doom and gloom” chorus on Venezuela’s economy. And in Haiti, the Washington-based institution again appears overly optimistic.

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Yesterday the national executive presented its budget for 2013 to the national assembly. The budget is for Bs 396.4 billion (US$ 92.2 billion) in both spending and income, and is primarily directed towards social and productive investment.

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Elias Eljuri, president of the National Statistics Institute (INE) said Venezuela’s inflation is likely to be 18% this year, taking into consideration the variations that Venezuela’s economy is usually subject to between October and December.

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Pablo Gimenez is a Professor of political economy at the Bolivarian University of Venezuela (UBV) in Caracas. He spoke about the challenges posed by Venezuela’s oil-dependent economy and about the difficulties involved in trying to forge a new way of teaching political economy in the context of the Bolivarian Revolution.

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Venezuela’s current growth is generally described as unsustainable, with various negative scenarios put forth, including spiraling debt, inflation, and balance of payments crises.  However, these pessimistic forecasts have been far off the mark for most of the past decade.  This paper looks at the available economic data to see if Venezuela’s economic recovery could be sustained, or even accelerated.

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The Venezuelan government has approved US $159 million (684 million BsF) to pay social benefit and overtime payments due to workers in Venezuela’s state owned industries in the Guayana region in eastern Venezuela.

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Some years ago, travelling on the presidential plane of Hugo Chávez of Venezuela with a French friend from Le Monde Diplomatique, we were asked what we thought was happening in Europe. Was there any chance of a move to the left?

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Venezuelan President Hugo Chavez has approved the construction of the factory “Haier Venezuela”, which is to produce low-cost household appliances for the Venezuela population.

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Venezuela’s monthly rate of inflation as measured by the National Consumer Price Index (INPC) was 1.1% in February this year, the lowest since the current system of measuring inflation with national coverage began at the start of 2008.  The Venezuelan government argues that policies to meet social needs and boost domestic production are a key factor behind the new figures.

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