Bolivarian Republic of Venezuela

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The Bolivarian Republic of Venezuela (abbreviated BRV) is a prosocialist[1] republic in South America that has existed since the late 1990s.[2]


Although many have argued that the Bolivarian Republic of Venezuela is a de facto social democracy,[3] others have argued that the administration is not merely looking to dull the side-effects of capitalism but actually let the proletariat empower itself.[4] [5] [6]

A poll from 2017 indicated that 75% of Venezuelans support socialism.[7] Support for PSUV itself increased in 2017 from 27% to 35%, perhaps a humble number but also the highest one among the electoral options.[8] While it is likely that the majority of Venezuelans, even lower-class ones, are disappointed with President Nicolás Maduro, several political organizations have monitored the elections and have confirmed that they these elections reasonable in many ways, and that Maduro did not cheat in the election.[9] The slight deficiency of candidates was because the antisocialist opposition deliberately boycotted the process.[10]


The Bolivarian Republic of Venezuela is a market economy with a significantly regulated private sector,[11] but in some rare cases the proletariat seized the means of production.[12] In 2018 economic minister Ricardo Menéndez has said that the greater percentage, from the point of view of companies that exist in Venezuela, are privately owned, and that Venezuelans do not yet live in socialism.[13] Nevertheless, agricultural communes hold an important position in the economy,[14] with Venezuelan communes expanding small-scale urban agriculture,[15] and 70% of the food consumed in Venezuelan houses today is a product of small-scale family agriculture.[16] Sometimes antisocialists physically attack these communes and their members however.[17]

Over 95% of the economy has been based on oil. The BRV decided to use the oil revenue to invest in the productive economic apparatus to generate value chains in iron and steel, to generate value chains in aluminium, in the glass industry, in the cement industry. However, the economic minister Ricardo Menéndez understood that it is necessary to broaden the national economic system; the population’s purchasing power is higher than it was in the past. He says that they have the obligation to multiply the production levels to satisfy that democratization of consumption potential that they have had, and that they decided that those values linked to oil revenue will be destined to investment in the productive economic apparatus, and that apparatus exists in the republic.[13]

Since at least the early 2010s,[18] [19] the White House has repeatedly burdened the republic of numerous sanctions in hopes of encouraging Venezuelans to overthrow their own government. In 2014 the American bourgeoisie imposed sanctions specifically on their oil industry and their bank.[20] Western economists Mark Weisbrot and Jeffrey Sachs have estimated that at least Venezuelan 40,000 deaths between 2017 and 2018 can be directly attributed to the sanctions.[21]

The BRV legislated price controls in order to make food more accessible to the poor, but many shopowners retaliated by hiding their goods[22] to vend them in the black market for higher prices.[23] Speculation is a serious problem in the economy, causing hyperinflation and making many commodities more difficult for the poor to access.[24] Families in Caracas collectively purchase tons of produce directly from a cooperative in Lara state five hours away, because if they had to buy these items in the market or in the street they would be almost impossible to afford.[25]

Further reading