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

MGT 321

MGT

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I’m stuck on a Political Science question and need an explanation.

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this is attached file for assignment 2 the deadline within next 20 hours


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College of Administrative and Financial Sciences Assignment 2 Deadline: 28-03-2020 @ 23:59 Course Name: Intro to International Business Student’s Name: Course Code: MGT-321 Student’s ID Number: Semester: II CRN: 20699 Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Dr. Ganesh Dash Students’ Grade: Marks Obtained/Out of Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Regulation: • All students are encouraged to use their own word. • Assignment -2 should be submitted on or before the end of Week-11 in Black Board only. • This assignment is an individual assignment. • Citing of references is also necessary in APA style. Assignment Structure: A.No Assignment-2 Total Type Critical Thinking Marks 10 10 Learning Outcomes: • Analyze the effects of culture, politics and economic systems in the context of international business (Lo 1.9 & 2.1) • • Identify the major components of international business management (Lo 1.2) Carry out effective self-evaluation through discussing economic systems in the international business context (Lo. 3.6) 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): (Marks: 10) 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? Answer: 1. 2. 3. 4. 5. &&&& ...
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Hello, I am submitting our work now. I thought that you may need it as soon as possible so I started writing about it already. Please find the attached and tell me if there is anything you need me to do regarding this Chavez Case. Thanks.

Venezuela under Hugo Chávez and Beyond
Name:
MGT-321: Intro to International Business
Instructor’s Name: Dr. Ganesh Dash

Question 1: Under Chávez’s leadership, what kind of economic system was put in place in
Venezuela? How would you characterize the political system?
Hugo Chavez’s power was characterized by authoritarian socialism policies. A deep
recession was being experienced by Venezuela before a charismatic paratrooper named Hugo
Chavez assumed the presidency after the elections held in 1998. He was a former military
officer, went to jail for attempting to erect a coup d'é·tat, and campaigned to fight against
corruption, social injustices, economic mismanagement, and the “harsh realities of global
capitalism. He mentioned that the economic history of Venezuela was the worst state in recent
history. His economic policy was mainly socialism where he intended to deliver an equitable
distribution of wealth to poor communities. He took control of the economy. Socialism is a
populist economic and political system based on public ownership of the means of production
(Kenton, 2019). The three main socialism policies that Chavez enacted when he assumed office
were (1) the widespread nationalization of private industry specifically the oil industry, currency
and price controls, and the expansion of poorly planned welfare programs (Di Martino, 2019).
The Venezuelan government owned majority of the factors of production with the noble intent of
achieving equality and solidarity among the constituents. Di Martino (2019) further opined that it
was socialism – not cronyism, corruption, falling oil prices, or US sanctions – that caused the
looming crisis in Venezuela.
The Venezuelan parliament that was mainly comprised of his political allies gave Chavez
the power to legislate by decree. Chavez was given the power to control the important branches
of the government that enabled him to enact and manipulate laws that restricted Venezuelan
freedoms and civil rights and his actions catapulted to the dissolutio...

ryemabeza (1052)
University of Virginia

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