Nicolás Maduro in the context of Hyperinflation in Venezuela


Nicolás Maduro in the context of Hyperinflation in Venezuela
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👉 Nicolás Maduro in the context of Hyperinflation in Venezuela

Hyperinflation in Venezuela was the currency instability in Venezuela that began in 2016 during the country's ongoing socioeconomic and political crisis. Venezuela began experiencing continuous and uninterrupted inflation in 1983, with double-digit annual inflation rates. Inflation rates became the highest in the world by 2014 under President Nicolás Maduro, and continued to increase in the following years, with inflation exceeding 1,000,000% by 2018. In comparison to previous hyperinflationary episodes, the ongoing hyperinflation crisis is more severe than those of Argentina, Bolivia, Brazil, Nicaragua, and Peru in the 1980s and 1990s, and that of Zimbabwe in the late-2000s.

In 2014, the annual inflation rate reached 69%, the highest in the world. In 2015, the inflation rate was 181%, again the highest in the world and the highest in the country's history at the time. The rate reached 800% in 2016, over 4,000% in 2017, and about 1,700,000% in 2018, and reaching 2,000,000%, with Venezuela spiraling into hyperinflation. While the Venezuelan government "had essentially stopped" producing official inflation estimates as of early 2018, inflation economist Steve Hanke estimated the rate at that time to be 5,220%. The Central Bank of Venezuela (BCV) officially estimates that the inflation rate increased to 53,798,500% between 2016 and April 2019. In April 2019, the International Monetary Fund estimated that inflation would reach 10,000,000% by the end of 2019. Several economic controls were lifted by Maduro administration in 2019, which helped to partially tame inflation until May 2020.

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Nicolás Maduro in the context of Bolivarian Revolution

The Bolivarian Revolution (Spanish: Revolución bolivariana) is a social revolution and ongoing political process in Venezuela that was started by Venezuelan President Hugo Chávez, the founder of the Fifth Republic Movement (MVR) and later the United Socialist Party of Venezuela (PSUV), and his successor Nicolás Maduro. The Bolivarian Revolution is named after Simón Bolívar, an early 19th-century Venezuelan revolutionary leader, prominent in the Spanish American wars of independence in achieving the independence of most of northern South America from Spanish rule. According to Chávez and other supporters, the Bolivarian Revolution seeks to build an inter-American coalition to implement Bolivarianism, nationalism, and a state-led economy.

Chávez and MVR won the 1998 Venezuelan presidential election and initiated the constituent process that resulted in the Venezuelan Constitution of 1999. On his 57th birthday in 2011, while announcing that he was being treated for cancer, Chávez announced that he had changed the slogan of the Bolivarian Revolution from "Motherland, socialism, or death" to "Motherland and socialism. We will live, and we will come out victorious". Following the death of Chávez in 2013, the movement declined and the political and economic situation in Venezuela has rapidly deteriorated, resulting in the Venezuelan crisis.

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Nicolás Maduro in the context of Chavismo

Chavismo (Spanish pronunciation: [tʃaˈβizmo]), also known in English as Chavism or Chavezism, is a left-wing populist political ideology based on the ideas, programs, and government style associated with Hugo Chávez and later Nicolás Maduro. It combines elements of socialist patriotism, Bolivarianism, and Latin American integration. People who supported Hugo Chávez and Chavismo are known as Chavistas.

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Nicolás Maduro in the context of Crisis in Venezuela

An ongoing socioeconomic and political crisis began in Venezuela during the presidency of Hugo Chávez and has worsened during the presidency of successor Nicolás Maduro. It has been marked by hyperinflation, escalating starvation, disease, crime, and mortality rates, resulting in massive emigration. Food shortages and hyperinflation have largely ended, inflation still remains high.

It is the worst economic crisis in Venezuela's history, and the worst facing a country in peacetime since the mid-20th century. The crisis is often considered more severe than the Great Depression in the United States, the 1985–1994 Brazilian economic crisis, or the 2008–2009 hyperinflation in Zimbabwe. Writers have compared aspects, such as unemployment and GDP contraction, to that of Bosnia and Herzegovina after the 1992–95 Bosnian War, and those in Russia, Cuba and Albania following the Revolutions of 1989.

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Nicolás Maduro in the context of American Communist Party (2024)

The American Communist Party (ACP) is a political party in the United States and Canada. The ACP formed in 2024 when its members split from the Communist Party USA (CPUSA).

ACP officially adheres to Marxist–Leninist philosophy, and also promotes socialist patriotism. The ACP aligns with the Chinese view of the Sino-Soviet split, regards the de-Stalinized Soviet Union as revisionist, supports the Cultural Revolution, celebrates the Chinese economic reforms, and upholds Xi Jinping Thought. ACP and its leaders support China, North Korea, Iran, Nicaragua, Nicolás Maduro, and the Russian "Special Military Operation", stating that "today, as 80 years ago [in 1945 as the Soviet Union], Russia remains at the forefront of the world liberation movement".

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Nicolás Maduro in the context of 2019

2019 (MMXIX) was a common year starting on Tuesday of the Gregorian calendar, the 2019th year of the Common Era (CE) and Anno Domini (AD) designations, the 19th year of the 3rd millennium and the 21st century, and the 10th and last year of the 2010s decade.

This was the year in which the first known human case of COVID-19 was documented, preceding the pandemic which was declared by the World Health Organization the following year.

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