The timeframe that went before the coming to intensity of Hugo Chavez in 1999 is known as the Fourth Republic, and it starts in 1958, after the topple of the autocracy of Peres Jimenez. Venezuela amidst the twentieth century was a poor nation, whose economy was commanded by agribusiness.

Be that as it may, step by step started to pick up force oil and gas division, which before the finish of the most recent century effectively involved over 90% of GDP (this is the offer of the oil business in the total national output today). The generally prosperous period in the life of the nation is ascribed to the 1960-70s, the way of life of the Venezuelan populace right now in the press is alluded to as "very high", in any case, with the stipulation – "in examination with other Latin American nations."

The cash that conveyed the oil and gas part to the Treasury was sufficient just to keep up a worthy way of life in the urban communities, the distinction in salary between the occupants of the town and the city turned out to be large to the point that the laborers were compelled to offer their territory and move EN masse to the urban communities, shaping there entire squares of self – development - "Barrios". Since the second 50% of the 1970s, the monetary circumstance in the nation started to break down.

The fall in oil costs and the General monetary emergency in the district has prompted the selection by the legislature of Venezuela in late 1989 of the proposals of the IMF as a feature of the change of the economy: cuts in social spending, the expansion in common levies, higher costs for gas and open transportation, and that's just the beginning. The nation has its own group of "junior reformers" and "the procedure has gone." Following the proposals of the IMF has caused mass challenges among the populace, the concealment of which prompted the casualties – as indicated by different sources, murdered a few hundred to 3,000 individuals.

When Hugo Chavez came to control, Venezuela's economy was a run of the mill "trumpet economy." Raw material introduction has prompted the way that the nation, situated in a great climatic zone, was compelled to import the vast majority of the nourishment.

With the fall in world oil costs, the item economy of Venezuela arrived in an extremely poor state, to pay the "bills" of social approach of Chavez wound up risky, the press progressively started to discuss the nation's default. As per a few specialists, the miserable consequences of the financial arrangement of President Chavez were because of the apathetic and erratic choices he made. Such a "mounted force surge" and irregularity in his activities got the end more mischief than great...