Overview

Venezuelan governments since the third decade of the 20th century and so far in the 21st century have been characterized by establishing economic and social policies that basically depend on oil revenues, generating cycles of stability, welfare and bonanza and periods of shortages, difficulties and hardships in economic activity and society in general, based on international hydrocarbon revenues.This became more evident after 1974, because the phases of high income and scarcity occurred in relatively short periods of time, and national administrators never planned long-range economic and social policies to prevent relative abundance from contributing to lessen the difficulties of the periods of hardship. On the contrary, in periods of higher incomes, spending and pharaonic projects were exponentiated, and when the first symptoms of income reduction began to appear, the difficulties of Venezuelans quickly worsened, with greater severity in those with fewer resources.The administrators of the representative democracy and of the direct and protagonist democracy, have made little difference in such executions.

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