That this promising economic model, which has become a modern example of institutes and universities as an example of economic emulation of the Third World countries, turned over years into a model to study but as an example of failure and failure.
"Venezuela is a clear example of lost and wasted economic opportunities. The national economy is dependent on oil extraction, 50 percent of GDP comes from oil exports, and 95 percent of it is oil," explains economist Hankal Gatorsia, an economist at the University of Caracas. Of the export revenues come from oil, and therefore the national economy lacks any form of real diversity, the production base is monolithic and narrow, and the total dependence on oil industries, and thus the country is dependent on the changes taking place in the international oil markets, Saw a slight oil price spiral of violent internal reactions occur, it has emerged as a sharp decline in the national foreign currency reserves from $ 49 billion in 2009 to ten billion dollars in just the middle of this year as a result of the decline in oil prices. "
For many experts, the failure of Venezuelan leaders to create real diversity in the national economy helps to reduce the role of oil in the national economy, and allows diversification of the mechanisms of output and multiplicity, making the country subject to economic mechanisms that can not control or direct them on their own permanently, Enter cycles of prosperity followed by periods of economic stagnation, eat a lot of accumulated wealth and achieved in the stages of high growth.
There is no doubt that this spiral has intensified in recent years with the increasing challenges facing the world oil markets, whether due to oversupply in the global market, the entry of other non-OPEC producers into the market, or the emergence of the rock oil phenomenon and its challenge For the traditional oil industry, and these factors eventually resulted in the Venezuelan economy paralyzed and unable to produce outside traditional frameworks.
However, the economic researcher Daniel Dae does not deny that the lack of diversification of the economic base of Venezuela and its exclusivity in oil production, and the total reliance on oil revenues to finance the development process, has led to significant distortions in the economic structure, and led the country to the dire situation that has reached it.
"The dependence on the oil-rent economy has created a range of negative phenomena, both in making other activities that do not achieve the profitability rates achieved by the extraction of oil, is not socially attractive to the private sector, whether by investors or workers, Finance of oil export operations, the process of diversification of infrastructure did not give due attention. "
Daniel Day noted that the most serious, which led the Venezuelan economy to its present state, is that the process of relying on a single economy supplier - oil - has created widespread opportunities for the spread of corruption in the top echelons of the state and the depletion of a significant part of GDP either through complex and intertwined mechanisms From corruption, or through the apparent waste of public funds in failed and useless development projects. "
From the point of view of this economic researcher, restricting the production process in a main production sector dominated by the state leads to raising the rates of corruption in the national economy under a number of false claims and names, which are often taken from the preservation of public funds the society.
"The concentration of national wealth in one source of production, such as oil, leads to excessive state intervention in the management of that source, marginalization of other community forces, especially the private sector, which loses its ability to move real and the positive addition of the national economy, Its depletion erodes the economic foundations of society. "
But Professor Hambro Hardy, a professor of political sociology, believes that the risks of adopting a national economy on a single economic resource, and not diversifying sources of national income, have a negative impact on society's ability to long-term social maturity.
"The diversification of the productive base allows for the creation of many social forces capable of building a healthy and healthy relationship between each other and between them and the decision-making center. This is in itself a fairer, more balanced and more equal society. Concerning the distribution of national wealth. All these qualities disappear or decline in societies with a single production base.
He pointed out that in the Venezuelan case, the dependence on oil led to the domination of the state on the overall production process, private initiatives fell, and reduced opportunities for creativity and real participation of young people, and this leads not only to waste the opportunity to expand the scale of production in society, To waste the opportunity to increase the levels of social wealth and raise the level of per capita income, through the transfer of society to a new stage, based on the balanced development of various productive sectors, which Venezuela has failed to achieve so far.
However, this imbalance in building a real development strategy in Venezuela depends on oil as a platform for further productive diversification, not as the sole breadth of the national economy, accompanied by a range of foreign economic policies that many experts describe as the best.
Dr. Amilda Ehron, Professor of International Relations, believes that Venezuela's economic crisis has not stopped at the limits of dependence on oil, but has also been exacerbated by the accession to the camp of extinct economies of the international community, both for the mercy of its leaders and for their intellectual rigidity or international accusations of supporting terrorism.
She adds to the "economic", that the Venezuelan crisis could have been tackled