Question

Using the information on political economy in your text and the case above, how would you characterize Venezuela's political economy under President Nicolas Maduro?

Multiple Choice

a. Pure market economy
b. Pseudo-democracy
c. Dictatorship
d. Pure command economy
e. Totalitarian state

Answer 1

Venezuela's political economy under President Nicolas Maduro is most representative of a command economy with elements of a dictatorship or pseudo-democracy.

Step-by-step explanation:

Characterizing Venezuela's political economy under President Nicolas Maduro, based on the provided information and general consensus regarding his administration's policies, aligns most accurately with a command economy. Maduro's policies of retaining state control over the oil industry and continuing significant wealth redistribution initiated by his predecessor, Hugo Chávez, reflect the principles of a command economy, where the government has substantial control over economic activity and distribution of wealth. However, considering the accusations of political suppression and manipulation, the political system under Maduro could also arguably reflect characteristics of a dictatorship or pseudo-democracy, rather than a fully totalitarian state or a pure command economy, due to the presence of some formal democratic structures.