Critical Thinking

Please read Case 2: “Venezuela under Hugo Chávez and Beyond” available in your e-book (page no.611), and answer the following questions:

Assignment Question(s):  (Marks: 05)

1. Under Chávez’s leadership, what kind of economic system was put in place in Venezuela? How would you characterize the political system? (word limit: 100, Marks: 02) 

2. During the Chávez years, many foreign multinationals exited Venezuela or reduced their exposure there. What do you think the impact of this has been on Venezuela? What needs to be done to reverse the trend?  (word limit: 100, Marks: 02) 

3. By 2016, Venezuela’s economy appeared to be on the brink of total collapse. What do you think needs to be done to reverse this? (word limit: 150, Mark: 01))