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.
Venezuelan automotive workers have slammed multinational car manufacturers for cutting back production in the country, while the country's largest trade union federation has called for the nationalisation of the industry.
By Oliver Levingston – Links International Journal of Socialist Renewal , Feb 10th 2014
This paper adopts a Marxian class analysis to dispute the orthodox critique of high inflation in contemporary Venezuela. It draws a parallel between the 2002-03 oil industry lock-out and the capital strike in the Venezuelan foodstuffs industry today. In each case, capital has suspended production to bid up the price of basic goods and create widespread shortages.