Economic growth and employment problems in Venezuela: an analysis of an oil based economy
The relationship between the high economic growth rate and unemployment in Venezuela is studied; this country's growth and employment development plans are evaluated. Since World War II Venezuela has experienced accelerated economic growth, largely due to the oil industry, the value of investment, and the international environment. Heavy dependence on one primary product for exports usually makes an economy unstable because of fluctuations in the price and quantity of these exports. Because Venezuela's primary product is petroleum, this nation's economy is fairly stable. It has enjoyed good terms of trade and amassed large volumes of foreign exchange. Consequently Venezuela's economic development has been uninterrupted. Although Venezuela's gross domestic product (GDP) has escalated, the country's unemployment problems are becoming more severe. By using capital-intensive production techniques, production has increased significantly with little increase in employment. The impact of this employment situation on labor policy, vocational training, education, and agricultural development is studied. Venezuela's development plans are assessed by examining growth and employment goals and the methods and feasibility of accomplishing these goals. (153 references) (BYB)
- Research Organization:
- Illinois State University, Normal, IL 61761
- OSTI ID:
- 7355575
- Country of Publication:
- United States
- Language:
- English
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Industrial
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CHARGES
ECONOMIC DEVELOPMENT
ECONOMIC POLICY
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
GROWTH
INDUSTRY
INVESTMENT
PETROLEUM
PLANNING
SOUTH AMERICA
TRADE
VENEZUELA