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Nonmarket Strategy in Venezuela

In: Nonmarket Strategy in Business Organizations

Author

Listed:
  • John A. Parnell

    (University of North Carolina at Pembroke)

Abstract

Once a resource-rich nation with a strong cultural identity, Venezuela seemed poised to compete with the world’s most prolific economic powers in the global economy. But the election of Hugo Chávez in 1998 initiated an erosion of the nation’s democratic institutions. Many of the nation’s industries have since been nationalized, and Venezuela is now mired in the worst economic contraction ever recorded. Official statistics suggest a 4.2% annual economic decline compounded over the last 5 years and inflation of at least 254%. Internal economic data is unreliable at best and fraudulent at worst; anecdotal evidence suggests that the situation is much worse, with documented severe shortages in the supply of food and other basic goods (Miller et al. 2018). Mid-2018 estimates suggested an annual inflation rate in excess of 10,000%.

Suggested Citation

  • John A. Parnell, 2019. "Nonmarket Strategy in Venezuela," Springer Books, in: Nonmarket Strategy in Business Organizations, chapter 0, pages 87-97, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-93242-2_8
    DOI: 10.1007/978-3-319-93242-2_8
    as

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