| − | Venezuela is often given the title of "Socialist", which holds some ground; as the country follows the principles of "Socialism in the 21st Century". However, the country is better describe (on an economic basis) as a Social Democracy. The public sector of the country is representative of only about 30% of the GDP. [http://www.oecd.org/daf/ca/corporategovernanceprinciples/35657436.pdf] The rest is a result of the much larger private sector. Much of the problems in Venezuela can be attributed to a drop in global oil prices and corrupt government. After the death of Chavez, [[Nicolás Maduro]] continues his politics. | + | [[Venezuela]] is often given the title of "Socialist", which holds some ground; as the country follows the principles of "Socialism in the 21st Century". However, the country is better described (on an economic basis) as a Social Democracy. The public sector of the country is representative of only about 30% of the GDP. [http://www.oecd.org/daf/ca/corporategovernanceprinciples/35657436.pdf] The rest is a result of the much larger private sector. Much of the problems in Venezuela can be attributed to a drop in global oil prices and corrupt government. After the death of Chavez, [[Nicolás Maduro]] continues his politics. |