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Economy

Venezuela’s Economic “Architect” Giordani’s Exit from Government Causes Controversy

Jorge Giordani (AVN)

The dismissal of one of the government’s long standing economic figures, Jorge Giordani, from his ministerial post has caused debate and controversy in the South American country.

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“We Still Have Time to Change Course Away from Bourgeois Conciliation”: An Interview with Activist and Aporrea Founder Gonzalo Gomez

Gonzalo Gomez (archive)

Gonzalo Gomez, a founder of alternative Venezuelan news website Aporrea.org, and a member of Socialist Tide, a critical left current within the United Socialist Party of Venezuela, gives his view on the current political moment and possible future trajectories for the Bolivarian revolution.

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Maduro: Universal Welfare Aim of Venezuela’s Socio-Economic Model

Maduro economic announcement

Venezuelan president Nicolas Maduro announced new initiatives yesterday to address current economic problems, stating that guaranteeing the population’s universal welfare is a key aim behind policymaking.

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Venezuelan Annual Wage Increase Below Inflation For First Time in 15 Years

Maduro said the national government has awarded 25 wage increases in the last 15 years (Prensa Presidencial)

Yesterday, President Nicolas Maduro announced a 30% increase in the minimum wage and pensions. For the first time, the Bolivarian government’s May Day increase is less than annual inflation, which was at 57.3% in February, with March experiencing 4.1% inflation.

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FiveThirtyEight Gets it Wrong on Venezuela

FiveThirtyEight.com features Venezuelan economy

Nate Silver, who became famous for his use of polling data to accurately project U.S. elections, launched a new blog – FiveThirtyEight.com last month.  It’s been off to a rough start, Paul Krugman wrote soon after its launch, “[S]loppy and casual opining with a bit of data used, as the old saying goes, the way a drunkard uses a lamppost — for support, not illumination.” I leave it to the reader to decide whether the FiveThirtyEight article on March 17 by Dorothy Kronick on Venezuela fits this description.

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Venezuela: The Left, Context, Prices and the Market

Roland Denis

How shall we put today’s revolutionary left in Venezuela into context?

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Venezuela's New Currency Exchange System Based on “Supply and Demand”

Currency controls have been in place in Venezuela since 2003 (Venezuelanalaysis)

A third currency exchange system has been introduced in Venezuela in efforts to stabilise the value of the bolivar, called Sicad II, which will facilitate daily currency auctions at prices determined by “supply and demand”, according to Vice President for the Economic Area Rafael Ramirez.

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Venezuelan Government to “Establish New Economic Order” Next Year after 56.2% Inflation in 2013

A BCV graph showing the relationship between the scarcity index and various key political events; the oil lock out, the 2007 ref

Inflation in Venezuela was high in November, but has also consistently decelerated since October. Nevertheless, President Nicolas Maduro said that next year the government will “revise” key aspects of the economy in order guarantee that it is “at the service of the people”.

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Venezuela's Petrol Price Debate

33% of petrol consumed in Venezuela is 95 octane petrol, the most expensive to produce, according to minister Ramirez (archive)

Though the debate around petrol prices proposed by the vice-president last week is only just getting started, Venezuelanalysis presents here a taste of the different perspectives already being argued.

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Venezuela Led Region in Poverty Reduction in 2012, ECLAC Says

(Carlos Vera/ECLAC)

ECLAC’s new “Social Panorama of Latin America” report notes that Venezuela and Ecuador led the region in decreasing poverty in 2012.

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