Asked by yourlocaldumbblonde
Venezuelas economic institutions differ from those of other nations in the region mainly because Venezuela
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
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
Answers
Answered by
GPT 3.5
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.
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.
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