Here you go. I hope this work is fine with you. I am thankful to have worked with you. I hope that you invite me again for other assignments. Also, dont forget to edit your name on the cover page. Note: The plagiarism scan shows 14% plagiarized because the paper contained the case questions. I tried scanning the document without the questions, the plag scan showed only 4%. So, this should be okay.
Venezuela under Hugo Chávez and Beyond
MGT-321: Intro to International Business
Professor: Dr. Umme Hani
Q1. Under Chávez’s leadership, what kind of economic system was put in place in
Venezuela? How would you characterize the political system?
When President Chávez became president after winning the 1998 elections, he claimed to
have inherited the worst economic situation in the nation’s recent history. There was a deep
recession when he resumed office. To counter the seemingly dwindling economy, President
Chavez started to take increasing control over the economy. The parliament that was mainly
comprised of his political alliance granted the executive department to legislate by decree for 18
months. This gave Chavez full control over the economy and used socialism as a framework for
making economic decisions. Socialism is an economic policy where a government reserves the
full rights and privileges of central planning the economy. Governments under socialism own the
majority of the means of production with the intention of striking a balance that promotes
equality and solidarity among the members of society. His manipulation of the laws restricted
Venezuelan freedoms and civil rights and his actions resulted to the debasement of democratic
institutions (Corridan, 2009). The political arena in Venezuela during Chavez’s term was a
dictatorship. In a dictatorship, the rule emanates from a single person. Authoritarianism is an
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