In 1998, Chavez ran in the presidential election, on a program that opposed what he termed the "savage neoliberalism" of the 1990s. Chavez's speeches in the presidential election campaign highlighted the value of the freedom and fairness in economy.Being a president, a new Hydrocarbons Law was passed by Chavezso as to increase revenue of the shared oil which would later be provided to the authorities. Moreover, he created a fresh government-owned bank; he introduced a radical land reform law; and he encouraged takeovers by the authorities and workers of privately-owned factories.
Venezuela sold oil to Cuba at discounted prices in return for professionals, particularly doctors who created well being assignments in many low-income regions. Chavez sought to foment socialist anti American revolutions throughout Latin America. In the circumstance of this socialist plan, analysts anticipated that the market of Venezuela would experience serious challenges in the forthcoming years. The mix of slow increase, financial pressure, and high inflation would be a boiling political cauldron in which violent resistance could ferment.
PUBLICATION DATE: April 28, 2006 PRODUCT #: 906M59-PDF-ENG
This is just an excerpt. This case is about GLOBAL BUSINESS
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