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Economy

Venezuela: Maduro and the Market

Nicolas Maduro at a Chavista rally (Credit: Ministry of Communication)

Historian and veteran analyst Steve Ellner argues that President Nicolas Maduro's economic strategy represents an effort to take the middle road between those demanding radical expropriations irrespective of market reality and those calling for currency devaluation,  all as part of a bid to win further breathing room for renewed revolutionary advances  

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Victor Alvarez: “Venezuela’s Currency Controls Are No Longer Justified, and Are Only Used as a Means of Political Domination”

Victor Alvarez (quintodia.com)

Leftist economist and former high-ranking government official Victor Alvarez offers a critical perspective on state economic policy under the Bolivarian Revolution, arguing that it has perpetuated a neo-rentier logic via exchange controls and other measures that must be abandoned for socialism to advance.

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Venezuela Pledges 1.4 Million Ounces Gold as Collateral in CitiBank Deal

Under the CitiBank deal, Venezuela will receive $1 billion in cash for gold that is worth nearly $1.7billion by today’s prices

Venezuela has pledged 1.4 million ounces of gold in exchange for a $1 billion loan from CitiBank, according to sources.

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Must the Venezuelan Right Back Coups?

Lopez, gas mask in hand, participating in the coup against Chavez while wearing a shirt of the municipality he was mayor of. (Ph

If the US government would stop unconditionally backing golpistas then the international press (and some well-funded NGOs) would follow suit.

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Maduro Announces 30% Minimum Wage Hike to Combat Inflation

President Maduro and "First Combatant" Cilia Flores pledge solidarity with workers at the 2015 May Day rally in Caraca

Venezuelan President Nicolas Maduro announced a 30% minimum wage hike on Friday as part of his government's ongoing efforts to support workers amidst economic war and spiraling inflation.

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Venezuela Tops Latin America in Military Spending Cuts, Slashes Arms Budget by 34%

While Venezuela makes significant cuts in arms spending, the US continues to maintain the largest military budget worldwide, amo

According to a new report by the Stockholm International Peace Research Institute (SIPRI), Venezuela reduced its military budget by 34 percent in 2014, leading the region in arms spending cuts.

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Major Progressive Tax Reforms in Venezuela Start to Bear Fruit

Venezuela’s anti tax evasion drive has seen the country’s fiscal authority, SENIAT, collect more than 200.9 billion Bolivars

The latest figures show that the country’s total tax revenue almost doubled in the first three months of 2015 thanks to government efforts to tighten up a progressive taxation system over the past 6 months. 

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Venezuelan Government Confronts Forex Scammers with New Measures

Since 2003, Venezuela has maintained currency exchange controls aimed at curbing inflation. | (Photo: Venezuelanalysis/ Ryan Mal

Venezuelan government officials have announced new measures to reduce commonly practiced forex scams which have long dogged the country’s economy.

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Venezuela Moves Forward with Special Economic Zones to Attract Investment in Development

Venezuela's Vice-President of Planning Ricardo Menendez outlined the plans on Monday. (AVN)

The SEZ draw their inspiration from the Chinese model of "market socialism" imposed by Deng Xiaoping in the 1980s, which sought to promote state-regulated capitalist development in specific areas of the country.

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Website “Dolar Today” Causing “Irreparable Damage” to Venezuela, says Owner of Forex Centre

A screen shot of the website's exchange rates: the first one is bolivars per dollar by wire transfer, the second is for cas

Carlos Dorado, Venezuelan entrepreneur and owner of one of the country’s longest standing currency exchange centres, ItalCambio, has launched a public plea to remove the website “Dolar Today” due to the “irreparable damage” which the website is causing to the national economy.

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