The Impact of 21-Century Socialism on Venezuela under Chavez’s Governance

Abstract

Venezuela has gone from a country known for its oil production to a country known for its people's misery and outrageously high inflation rate, and Chavez's 21st-century socialism was the beginning of Venezuela's descent into crisis. Therefore, the research topic of this paper is the impact of 21st-century socialism on Venezuela during Chavez's administration. The methodology of this paper is as follows: first, we collect data on various aspects of Venezuela from 2005 to 2012, such as PCGPD, HDI, GINI Index, poverty rate, etc., and then we inquire about the basic measures of Chavez's 21st-century socialism. The two were combined with correlation analysis. The impact of Chavez’s administration is: at the beginning of the 21st-century socialism, GDP increased, people's happiness increased, and politics stabilized; however, at the end of the Chavez era, the economy collapsed, social chaos, and inflation became serious. 21st-century socialism had some positive effects on Venezuela for a short period during Chavez's reign, however, at the end of the Chavez era, its economic, political, and social disadvantages became apparent. Additionally, in the latter part of the Chávez era, its economic, political, and social shortcomings became apparent and led Venezuela into an unprecedented crisis.