Reaction paper of Ideoligy explore in venezuela Essay

Reaction paper of Ideoligy explore in venezuela - Essay Example Given its huge oil resources Venezuela should ideally command a lot of respect internationally as a economically stable state. This however doesn’t seem to be true with the larger percentage of it’s population living below the poverty line. At the time president Chavez took over the rains around 70% of the population was below the poverty line. It was expected and hoped that this condition would change. This however did not happen largely due to the ideologies adopted by the government. The gap between the rich and the poor is just too big considering the massive capabilities that the country has. The very thing that should generate prosperity seems to be driving the disparity. Oil should be good for any given country but when combined with corruption which is rampant in the country then the effects can be catastrophic as they are in this country. The oil industry is controlled by the rich and affluent political class. This class is well known for the greed with which they want to line their pockets with more wealth. They rarely consider the poor. The oil industry is very labour intensive which contributes for the high unemployment rates. Another factor that fuels this state is the fact that the country for the most part is dependent on imports which has never made it easy for any economy. Add to this the fact that every citizen is always trying to enrich themselves. Hoarding of these imported goods is rampart driving inflation in the country high (Dunaway 55). The high prices cause the government to try and rectify this and the most popular way for them is to make more money fuelling inflation. This inflation seems the poorer even poorer. One would argue that the best way to cure this would for a total overhaul the ideologies prevalent in the political class. Them being the main stakeholders in both the economy and the social level they are the ones who would drive any change in the country, ideological or otherwise. They need to