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Economy

A Multiple Socialist Administration Model and Enterprises of Social Property (ESP) in Venezuela - Success, Difficulties, Prospects

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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In Defence of Rory Carroll and Venezuela's Persecuted Elite

The government's Mercal markets have helped reduce infant malnutrition by 58% and boost food consumption in Venezuela over

Even in a regulated economy such as Venezuela, financial traders and the commercial elite, the same bourgeoisie which Carroll continues to cite as a reliable source on all things Venezuelan at the expense of engaging with ordinary citizens, have found a way of speculating and exploiting the economic situation whilst giving the proverbial finger to the majority of Venezuelans and the national government.

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Venezuela Announces “Irrevocable” Withdrawal from World Bank’s Arbitration Body

Venezuela Oil and Energy Minister Rafael Ramirez (Unión Radio).

The Venezuelan government has announced Venezuela’s “irrevocable” withdrawal from the World Bank affiliated arbitration body the International Centre for Settlement of Investment Disputes (ICSID).

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Venezuelan Government Sets Price Limits on over 1,000 Medicines

The prices of some medicines are far out of reach for many Venezuelans (archive).

Indepabis, the Institute for the Defence of People in the Access to Goods and Services, has published a list online of over 1,000 new regulated prices for medicinal products.

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New Venezuelan Communal Packing Company Supplies 16 Tonnes Daily to Communities

The packing company Hijos de Bolivar (archive)

Communal grain packing company Hijos de Bolivar (Bolivar’s children) in Los Guayos, Carabobo state, inaugurated six months ago, is packaging 16 tonnes of sugar per day as well as beans, and soon rice, which it then sends on to communal councils.

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Venezuela’s New Social Missions Aimed at Reducing Poverty and Unemployment

President of the Venezuelan National Institute of Statistics (INE), Elías Eljuri (archive).

The “great social missions” created over the last six months could contribute to reducing the national rate of extreme poverty from 7 to 3.5 percent in the medium term.

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Venezuelans Begin Registering in Government’s Knowledge and Work Mission

Over 27,500 Venezuelans have registered in the government’s new Knowledge and Work mission (Minci)

Over 27,500 Venezuelans have registered in the first two days of the government’s new Knowledge and Work mission, which aims to incorporate over 800,000 unemployed citizens into the labour market within the coming year.

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Venezuela’s National Cement Production up 10% in 2011

Venezuela’s cement industry was nationalised in 2008 (AVN)

Venezuela produced 7.79 million tonnes of cement in 2011, an increase of almost 10% from 7.1 million tonnes in 2010, the Venezuelan Minister of Industries Ricardo Menendez confirmed this week.

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Favourable Verdict for Venezuelan Government on Exxon Nationalisation Case

Exxon was originally demanding US$12 billion in compensation from the Venezuelan government (AP)

The Venezuelan government has described its arbitration  hearing at  the International Chamber of Commerce (ICC) as a “successful defence” after it was told to pay just US$907 million to the Texas-based oil company Exxon in return for the nationalisation of one of its projects in Venezuela. 

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Venezuela GDP Grows 4% in 2011, Predicts Strong 2012

Planning and Finance Minister Jorge Giordani (left) and Central Bank President Nelson Merentes (right) (Archive)

Venezuela's economy grew by an estimated 4 percent in 2011 and will maintain strong growth in 2012, the central bank said Friday.

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