| − | The socialist policies of president-for-life Hugo Chavez have destroyed the economy of that oil-rich nation. In 2009, he seized the Venezuelan operations of U.S. based Cargill in order to tighten his grip on the shrinking food supply in his country.<ref>http://www.telegraph.co.uk/news/worldnews/southamerica/venezuela/4938993/Venezuelas-Hugo-Chavez-tightens-state-control-of-food-amid-rocketing-inflation-and-food-shortages.html</ref> 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 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. |