Business Finance
MGT 321 SEU Venezuela Under Hugo Chavez and Beyond Questions

MGT 321

Saudi electronic university

MGT

Question Description

I don’t know how to handle this Management question and need guidance.

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Critical Thinking Please read Case 2: “Venezuela under Hugo Chávez and Beyond” available in your e-book (page no.611), and answer the following questions: Assignment Question(s): 1. Under Chávez’s leadership, what kind of economic system was put in place in Venezuela? How would you characterize the political system? 2. How do you think that Chávez’s unilateral changes to contracts with foreign oil companies will affect future investment by foreigners in Venezuela? 3. How will the high level of public corruption in Venezuela affect future growth rates? 4. During the Chávez years, many foreign multinationals exited Venezuela or reduced their exposure there. What do you think the impact of this has been on Venezuela? What needs to be done to reverse the trend? 5. By 2016, Venezuela’s economy appeared to be on the brink of total collapse. What do you think needs to be done to reverse this? ...
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Final Answer

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Running head: CRITICAL THINKING

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Critical Thinking
Name
Institution

CRITICAL THINKING

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Critical Thinking
Under Chávez’s leadership, what kind of economic system was put in place in Venezuela?
How would you characterize the political system?
Venezuela, under their leader Chavez mainly operated under some command economy.
In business, the command economy entails a system that accommodates resource allocation, such
as establishing what services and goods the nation should produce. In most cases, the
government decides on the production quantity. Chavez mainly worked on consolidating his
grip, especially towards the government apparatus. He also ensured that his followers remained
the majority in the constituent assembly. Apart from that, they managed to draft the constitution,
which eventually helped in strengthening his dominance.
On the other hand, he ensured that he had total control over Venezuela’s media.
Venezuela has historically been the most regulated economies globally, given the fact that the
state tends to control most of the nation’s business activities. In fact, public officials tend to
enrich themselves through bribes and business lines. Un...

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