Analysis: Economy

FiveThirtyEight Gets it Wrong on Venezuela

By Mark Weisbrot- CEPR, Apr 11th 2014

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.

Venezuela’s Black Market Dollar Plummets on News of New Exchange Rate Mechanism

By Mark Weisbrot - CEPR, Mar 27th 2014

(CEPR)

While most of the news from Venezuela has been focused on protests, something that is probably more important for the future of the country has taken place. The black market value of the dollar has plummeted by one-third in the past three weeks.

The Decalogue of a Neoliberal Economist

By Simón Andrés Zúñiga – America Latina en Movimiento (ALAI), Mar 21st 2014

(archive)

Venezuelan economist Simón Andrés Zuñiga responds to the neoliberal critics of Venezuela’s economic model and the problems it faces.

Venezuela: The Left, Context, Prices and the Market

By Roland Denis - Upside Down World, Aporrea, Mar 1st 2014

Roland Denis

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

Real News/Wilpert Part 2: Why is Inflation So High in Venezuela?

By Gregory Wilpert, Real News, Feb 23rd 2014

Caracas (Gloria Rodríguez)

Attempting to build socialism surrounded by a global capitalist economy and being reliant on oil revenues, Venezuela is struggling to find a solution to capital flight and exchange rate problems

Venezuela: The Political Economy of Inflation and Investment Strikes

By Oliver Levingston – Links International Journal of Socialist Renewal , Feb 10th 2014

A Venezuelan market (SIBCI)

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.

US Foreign Policy in Latin America Leaves an Open Door for China

By Mark Weisbrot - The Guardian, Feb 3rd 2014

Venezuelan president Nicolas Maduro (right) with Chinese prime minister Li Keqiang last Septmber (EFE)

Economist Mark Weisbrot argues that China could provide credit lines to back up Venezuela and Argentina’s currencies in order to counteract U.S. designs for the Latin American region.

The Pros and Cons of Venezuela's Currency Controls

By Ryan Mallett-Outtrim - Venezuelanalysis.com, Jan 31st 2014

Venezuelan currency policy has seen both successes and failures over the last decade (Ryan Mallett-Outtrim/Venezuelanalysis)

Venezuela's currency controls including its fixed exchange rate are among the most controversial of Chavez-era policies. Here is a brief, straight-forward run down of some of the pros and cons of the country's currency regime.

Who Is Devaluing and Why?

By Jacinto Dávila – Rebelión, Jan 28th 2014

(archive)

Jacinto Dávila, writing for leftist website Rebelión, examines the Venezuelan government’s recent overhaul of the country’s currency control system.

Where is Venezuela’s Economy Headed?

By Ewan Robertson – Venezuelanalysis.com, Jan 17th 2014

95% of Venezuela’s foreign export earnings in Venezuela come from oil sales (archive)

What did President Nicolas Maduro’s announcements during Wednesday’s state of the nation address tell us about the Venezuelan government’s economic agenda for 2014?

Venezuela's Petrol Price Debate

By various, Dec 19th 2013

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.

Venezuela and the Battle against Transgenic Seeds

By Frederick B. Mills and William Camacaro – Council on Hemispheric Affairs, Dec 11th 2013

Photo Source: Office of Medical and Scientific Justice

Over the past two months, efforts to introduce a bill in the Venezuelan National Assembly that could have paved the way for the entrance of transgenic seeds into the country met stiff opposition from the agroecology and ecosocialist movements, stopping Monsanto and other GM firms from getting a foothold in the country.

Anti-Capitalist Offensive Delivers Bolivarian Victory in Venezuelan Municipal Elections

By Jorge Martin - Marxist.com, Dec 10th 2013

(archive)

The December 8th municipal elections in Venezuela gave yet another victory to the Bolivarian revolution, with the Socialist United Party (PSUV) and its allies in the Great Patriotic Pole receiving 5.1 million votes (49.24% of the total). In celebrating the election results, President Maduro pledged to intensify the offensive against the "economic war".

Venezuela Led Region in Poverty Reduction in 2012, ECLAC Says

By Dan Beeton and Joe Sammut- CEPR, Dec 6th 2013

(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.

Is Venezuela in Crisis?

By Ewa Sapiezynska & Hassan Akram – Al Jazeera, Dec 2nd 2013

Prices of consumer goods shot up in Venezuela as a result of price speculation (AP)

Bleak media reports about the country’s polity and economy are exaggerated.