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Question 1: In what ways are the impacts of colonialism and neo-colonialism still impacting on achieving human, social, economic, and political development in the country? What needs to be done about it? Word Count: 1462
Venezuela has had a complex and long history, which in many ways has been shaped by colonisation and neo-colonialism. This essay will explore how these historical forces have affected Venezuela’s social, human, economic, and political development. Venezuela gained
independence in 1821, but despite this Venezuela has struggled with economic inequality, social unrest, and political instability for most of their post-colonial history. Colonialism and neo-colonialism are still evident today as Venezuela faces a severe economic crisis, with political polarization, and a humanitarian crisis which has led to widespread poverty and suffering. Venezuela has been facing these challenges and to understand them it is important to look at the historical context of colonisation and neo-colonialism in Venezuela. Analysing their impact on Venezuela’s development, we gain an insight into the underlying causes of the country’s current struggles. Throughout the essay, a variety of relevant and diverse readings will be drawn on to provide and comprehensive analysis of the topic.
One of the most significant impacts of colonialism and neo-colonialism on Venezuela has been economic dependency. Venezuela’s economic development is heavily reliant on externals factors, which include, foreign investments, loans, and exports. One of the main factors of Venezuela’s economic dependency is their reliance on oil and exporting that oil. In
spite of Venezuela’s vast oil wealth, the country faces economic instability. One of the most noticeable economic disparities in Venezuela is their massive inflation problem. Venezuela has the highest inflation with it currently being 195 percent. (Kott, Adam. 2012) This has led 1
Venezuela having fluctuations in economic growth with little to no economic development across the country. Oil comprises 95 percent of Venezuela’s exports and 25 percent of the country’s gross domestic product (GDP). It is clear the dependency Venezuela’s economy has on their oil industry. When oil revenues rise regardless of whether this happens from an increase in production or an increase in prices, the economy expands. When the production or prices decreases, so does their GDP. In 2018 Venezuela experienced the start of a mass migration with more than two million people leaving the country due to shortage of food, medication, and basic necessities needed for people. This caused a shortage in workers in all
fields but most importantly for Venezuela, the oil industry. This was all caused by the economic crisis. (DePersio, 2022) Neo-colonialism has also been a big factor in Venezuela’s economic downfall and oil industry with sanctions for Venezuela imposed on by the US which has declined Venezuela’s oil production. The first sanction was a financial sanction in August 2017, primary oil sanctions in January 2019, and secondary sanctions on foreign oil partners imposed by the US in February 2020. These are all factors that played in Venezuela’s economic crisis and really shows their economic dependency on their oil industry. (Unknown, 2023) Venezuela will have to stop depending on their oil industry and will need a long-term strategy diversifying their economy by investing in other industries. These could include agriculture, manufacturing, and tourism. Venezuela’s heavy reliance on oil exports which is a factor causing economic instability has had major repercussions for the country, one of which being the mass migration of over two
million people back in 2018 which is still continuing today. This has also contributed to the political instability in Venezuela, which has been going on for years. Political instability has been a major issue in Venezuela for decades this has been closely linked to Venezuela’s 2
history of colonialism and neo-colonialism. Venezuela has had an interesting and harsh political history marked by authoritarian rule, coups, and a divided political environment. A primary cause of Venezuela’s political instability has been the concentration of power being in the hands of a few people and opposing voices being marginalised. During the colonial period, when Venezuela was under the Spanish crown. The government system that was made was a highly centralised one, which concentrated the power to the hands of the elite. This system continued after Venezuela gain independence. This meaning that the political power in Venezuela is held by a small group of wealthy landowners and business elites. As a result, the concentration in power in the hand of the few individual elites has created a highly unequal society, which has contributed to the rise in social and political conflict in Venezuela. (Mahoney, 2003) Venezuela’s history of colonialism and neo-colonialism, which has ended giving all the political power to the few and elite, has resulted in a highly unequal society full of poverty and social conflict. Venezuela’s poverty rate has risen to over 50 percent in 2022, with a population of 28 million Venezuela has struggled for many years under economic collapse, with over 7 million people leaving the country to date.
(Sequera, 2022) A study done in 2021
by the Andres Bello Catholic University Foundation has found that 81.5 percent of the country’s population lived in poverty with 53 percent being in extreme poverty. Inequality in
income has also played a significant role in Venezuela’s poverty issue the study found, with the richest 10 percent in the country making an average of just over 550 dollars a month, and the poorest 10 percent making only 8 dollars a month. The foundation states that “only sustained economic growth and social inclusion can turn things for Venezuela’s poor”. (Andres Bello Catholic University Foundation Inc. 2022) Venezuela has the highest amount of
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