Venezuela: The Effects of Socialist Socio-economic Reform-The Chavez Legacy

The intention of this paper is to examine the economic and social reform policies implemented in Venezuela under the administration of President Hugo Chavez to determine whether the policies have had a positive effect on the welfare of the country as measured by the human development index. Further, the paper will explore the impact of continued economic reliance on oil exports and the ramifications of this dependency for future economic and social development. The evidence suggests that the reforms promised in Chavez\u27s campaign of 1998 have been, for the most part, implemented with some level of success. Overall, the success of his programs have improved the socio-economic position of his people, buoyed by, not because of, changes in oil prices