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1920's-1950's
Oil was a huge deal for Venezuela. Farming held 33% of financial contribution, but this drastically changed in the 1950's. The sudden change in oil production limited the capability of Venezuela to survive different industries. -
1943
The Hydrocarbon act was formed. This stated "the foreign companies operating in Venezuela could not make larger profits from oil than they paid to the government." The government disregarded social issues including education, health, infrastructure, domestic industry, and agriculture. -
1950's-1980's
World War II was effecting the rest of the world's economy. Venezuela was in possession of the fourth richest GDP per capita. Venezuela also had a very steady growth rate. -
1999
Hugo Chavez and Nicolas Maduros elected into office. Chavez's government used PDVSA resources to fund social programs, handling the organization like a personal savings account. -
2008
Crude oil was the tenth highest in the world from Venezuela. This begins the downfall of economic productivity -
Food and Oil Production
Two decades after food and oil production plummeted the nation has been forced into desperation and civil turmoil. Minimum wage for employees was less than $7 an hour. Food prices have skyrocketed. People have begun to dig in trash for bread and loot stores. -
December 2017 - Now
December 2017 -Nicolas Maduro declared the opposition parties were no longer eligible for contesting elections.
February 2018 - Petro is introduced as Venezuelan cryptocurrency. This is done as away to avoid EU and US sanctions.
Now -There is no end in sight for the crisis in Venezuela. In order to get rid of the issues it would have to get rid of the socialist approach and return to a democracy. Sources: https://insights-energydais.com/venezuela-crisis-timeline/