Venezuelas economic institutions differ from those of other nations in the region mainly because Venezuela

Question

Depends heavily on a nationalized oil industry
Has an entirely free market economy
Redistributes land and wealth across classes
Engages in a variety of economic activities

Answer 1

Depends heavily on a nationalized oil industry.

Venezuela's economy is heavily dependent on its oil industry, which is nationalized and controlled by the state-owned company PDVSA. This sets Venezuela apart from other countries in the region, as many of them have diversified economies with a mix of industries. Venezuela's reliance on oil has made its economy vulnerable to fluctuations in oil prices and has led to economic instability in recent years.