The Evolution Of Economics In Venezuela Over The Last 30

Running Head : Economics and VenezuelaBy____________________The transformation of the Venezuelan sparing has been substantial , the process is far from complete . The development of domesticated industry is still in the embryonic stage . some(prenominal) years must elapse before a qualified communications network is constructed . The modernization of agriculture is only etymon . Despite some diversification an exaggerated dep finaleence upon veget fit oil still prevails . Though the current trends are clear , the end of the process of scotch change and development is nowhere in sight . Whether Venezuela in the future will be able to build a modern , viable , and more self-sufficing economy is still an open questionSince the industrial revolution in England , a sizable number of nations become attained congenerly high levels of income per capita . International trade and related multinational instrument movements usually have played an important role in the economic development of these countries . In fact international contacts front to have acted as a mechanism through which economic growth was transmitted from the more genuine nations to those less developed . A great number of today s advanced nations experience development processes in which the export sphere was predominant , or at least contributed significantly to economic growth . In many cases , these exports were primary products . But most of the present fringy countries , which were more or less integrated in the international economy , were not successful in achieving such goals .

These countries have still not attained comparable levels of economic forwarding or per capita income , even though their exports seem to have spread out quite significantlyDuring the period from 1974 to 1985 , the contribution of the oil industry in Venezuela s external commerce was greater than at any otherwise time in its history and even surpassed , in relative importance , its performance in the prosperous years of the 1950sThe humanness shortage of oil , resulting from the Arab-Israeli Yom Kippur War and the Middle East tensions that keep thereafter , and from the growth of humanitywide demand for oil , caused prices of consummate(a) oil to more than triple in 1974 (from 3 .42 to 10 .35 per barrel . At the same time , after evolution at an annual rate of 5 .4 percent from 1974 to 1978 , the average price of crude oil amplifyd rapidly in 1979 , and ultimately reached a level of 19 .88 per barrel . The increase in oil prices of the later 1970s led to increases in non-OPEC sources of supply as well as declines in military man demand . The mid-1980s were therefore characterized by significant declines in the world market price of crude oil . The volume of petroleum exports declined during the 1974-85 period and as world prices fell during the latter serving of this period so did the value of petroleum exports . Venezuela s current throwaway revenues on a gross basis for the petroleum sector appear in the table1 given below .1 .Exports , Foreign qualify Inflows , and the Terms of Trade , 1973-85 (millions of dollarsYear1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985Oil Exports 4...If you want to get a just essay, order it on our website: Ordercustompaper.com

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