Venezuela has undergone profound political and social changes since Hugo Chávez assumed the presidency in February 1999. These transformations have been reflected in the fundamental pillars of the government’s economic policy. Chávez’s initially spoke about combating “savage neo-liberalism” and searching for a more humane capitalism. This discourse has evolved, however, culminating in Chávez’s public statement in January 2005 in which he spoke of the need to create a 21st Century Socialism.
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