Venezuela: limites para uma nova política econômica

The text summarises the macroeconomics oscillations and difficulties of an economy where petroleum represents 75% of total exports and of total tax revenue and about 28% of the GDP. It briefly presents Venezuela´s economy in 2 periods: 1st - 1970/88, the end of the development period and the beginning of neoliberal policies; 2nd - when neoliberal policies were letting off steam. The 3rd section of the article focuses on the macroeconomic adjustments carried out in the second period and the implemented neoliberal reforms. Section 4 retreats the trap in which freshly empowered Hugo Chavez (Feb´ 1999) has fallen, when he had no choice other than accepting the agreement with the IMF; the implementation of important constitutional reforms promised during his campaign and the explosion of conflicts which came along with them. It also questions if there´s still possibilities of changing direction of such economic policies. The text was ended in September´ 2002, just before the rising demonstrations and riots that took over Venezuela after October´ 2002.