12 September 1999: Chávez unveiled a "plan" to diversify the economy and make it less dependent on oil.
End of 2009: One of Chávez's military pals, Jesse Chacón, announced in one of his many positions as minister for everything a program for import substitution.
January 2010: Chávez announced a new fund to substitute imports
September 2014: Another of the former military coupsters, now minister Rodolfo Clemente Marco Torres, unveiled a plan to substitute imports.
1 August 205: Maduro makes public a new plan to substitute imports and diversify the economy.
There were many more declarations in the last 15 years about the regime's commitment to diversifying the economy. Actually: Venezuelan governments have repeated similar wishes for the past 5 decades or so but since Chavismo is in power, Venezuela's productivity has only known one way: down.
The truth is that in 1998 Venezuela's non-oil related exports accounted for about 15% of the total and nowadays it is less than 4%.
Still, a change will be extremely difficult. According to Hinterlaces (not a pollster I trust much, but I think they do have it right here), most Venezuelans still think the fixed currency exchange rate of 6.3 Bolivars for a dollar should be maintained.
Venezuelans do not know what a free currency exchange is. Nobody, much less economists, wants or can explain them how things work in the world and what currency exchange rates have to do with productivity.
No comments:
Post a Comment
1) Try to be constructive and creative. The main goal of this blog is not to bash but to propose ideas and, when needed, to denounce
2) Do not use offensive language
3) Bear in mind that your comments can be edited or deleted at the blogger's sole discretion
4) If your comment would link back to a site promoting hatred of ethnic groups, nations, religions or the like, don't bother commenting here.
5) Read point 4 again