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Hugo Chávez/Sandbox
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'''Current Version'''

Venezuela is a major producer of oil products, which remain the keystone of the Venezuelan economy. Chávez has gained a reputation as a price hawk in [[Organization of the Petroleum Exporting Countries|OPEC]], pushing for stringent enforcement of production quotas and higher target oil prices.  At a June 2006 meeting, Venezuela was the only OPEC country calling for lowered production to drive oil prices higher. Industry analysts say Venezuela (contracted; show full)d Revolutionary Oil Policy for Venezuela]. Retrieved 31 Oct 2005.</ref> resulting in large increases in dividends and income taxes from PDVSA. In 2005, Citgo announced the largest dividend payment to PDVSA in over a decade, $400 million. Yet despite massive efforts to increase production, daily oil production is still well short of the levels attained under the previous administration.

During Chávez's presidency, from 1999 to 2004, per-capita [[gross domestic product|GDP]] dropped 1&ndash;2
  %, but with the help of rising oil prices, the end of the oil strike, and strong consumption growth, recent economic activity under Chávez has been robust,<ref>''Bloomberg''. (''Bloomberg'', May 16 2006) [http://www.bloomberg.com/apps/news?pid=10000086&sid=aNQUriMkDXEg&refer=latin_america Venezuelan 1st-Qtr GDP Grows 9.4 Percent on Oil Surge (Update1)]. Retrieved 13 Jun 2006 .</ref>  particularly in the non-petroleum sectors. Most of that growth was directed to the poorest sectors of society, with real income growth of 55% reported between 2003 and 2005,<ref>''Datos'', (2006). [http://www.datosir.com/images/perspectivas2006.pdf Perspectivas del Mercado y del Consumidor Perspectivas Venamcham 2006,] p.8. Retrieved 21 Jun 2006. {{es_icon}}</ref> although some economists argue that the subsidized growth in this sector could stop if oil prices decline.<ref name=PostVoterRolls>Bronstein, H. (June 14, 2006), [http://www.washingtonpost.com/wp-dyn/content/article/2006/06/14/AR2006061400486.html "Colombians in Venezuela thank Chavez for new life",] ''Washington Post'', Accessed 22 June 2006.</ref>  Overall, since the start of his presidency, government statistics indicate a 6.4% drop in official unemployment <ref>''Instituto Nacional de Estadistica''.  (''INE'', Jan 1999) [http://www.ine.gov.ve/hogares/Hogares2.asp?Periodo=M&Ano=1999&R_Desde=Ene&R_Hasta=EneIndicadores Globales de Fuerza de Trabajo]. Retrieved 13 Jun 2006.</ref><ref>''Instituto Nacional de Estadistica''.  (''INE'', April 2006) [http://www.ine.gov.ve/hogares/Hogares2.asp?Periodo=M&Ano=2006&R_Desde=Abr&R_Hasta=Abr Globales de Fuerza de Trabajo]. Retrieved 13 Jun 2006.</ref> and a 6% drop in the rate of poverty.<ref name="CEPR_2006">Weisbrot, M., Sandoval, L., and Rosnick, D. (2006), [http://www.cepr.net/publications/venezuelan_poverty_rates_2006_05.pdf "Poverty Rates In Venezuela: Getting The Numbers Right",] ''Center for Economic and Policy Research'', Accessed May 31, 2006.</ref> 

Critics state that unemployment levels have not dropped enough, considering the massive oil windfall, and that the job creation may not be permanent.  Some social scientists mistrust the government's reported poverty figures, based on contradictory statistics and definitions, and some economists report insufficient economic growth and continued repression of the economy.

'''Proposed Version'''

Economic policy under Chavez is evolving and difficult to categorize.  Neither following the statist path of Cuba nor the neo-liberal path of Mexico or Chile, it seeks to strike a middle ground.<ref>''Hari, Johann''. (''The Independaent'' 14 May 2006). [http://www.johannhari.com/archive/article.php?id=873   Hugo Chávez - An Exclusive Interview] Retrieved 24 July 2006</ref>  It borrows from other international experience, with Keynsian fiscal and monetary policy.{{Fact|date=February 2007}} Enterprenuership is promoted but is of a social co-operative and co-management variety <ref>''Pearson, Natalie Obiko''. (''Associated Press'' 16 July 2006). [http://www.azstarnet.com/allhead(contracted; show full)

Results reflect Venezuela's internal political conflict. (no, much more as well - they also reflect poor fiscal management, corruption, etc.). From 1999 to 2004 per-capita [[gross domestic product|GDP]] dropped 1&ndash;2
  %, coinciding with the deepening political crisis, other indicators such as poverty and unemployment reflected negatively. Afterwards with the help of rising oil prices, the end of the oil strike, political stability (?????), and strong consumption growth, recent economic activity under Chávez has been robust,<ref>''Bloomberg''. (''Bloomberg'', May 16 2006) [http://www.bloomberg.com/apps/news?pid=10000086&sid=aNQUriMkDXEg&refer=latin_america Venezuelan 1st-Qtr GDP Grows 9.4 Percent on Oil Surge (Update1)]. Retrieved 13 Jun 2006 .</ref>  particularly in the non-petroleum sectors. Most of that growth was directed to the poorest stratus of society, with real income growth of 55% reported between 2004 and 2006,<ref>''Datos'', (2006). [http://www.datosir.com/images/perspectivas2006.pdf Perspectivas del Mercado y del Consumidor Perspectivas Venamcham 2006,] p.8. Retrieved 21 Jun 2006. {{es_icon}}</ref> although some economists argue that the subsidized growth in this sector could stop if oil prices decline.<ref name=PostVoterRolls>Bronstein, H. (June 14, 2006), [http://www.washingtonpost.com/wp-dyn/content/article/2006/06/14/AR2006061400486.html "Colombians in Venezuela thank Chavez for new life",] ''Washington Post'', Accessed 22 June 2006.</ref>  Overall, since the start of his presidency, government statistics indicate a 6.4% drop in official unemployment <ref>''Instituto Nacional de Estadistica''.  (''INE'', Jan 1999) [http://www.ine.gov.ve/hogares/Hogares2.asp?Periodo=M&Ano=1999&R_Desde=Ene&R_Hasta=EneIndicadores Globales de Fuerza de Trabajo]. Retrieved 13 Jun 2006.</ref><ref>''Instituto Nacional de Estadistica''.  (''INE'', April 2006) [http://www.ine.gov.ve/hogares/Hogares2.asp?Periodo=M&Ano=2006&R_Desde=Abr&R_Hasta=Abr Globales de Fuerza de Trabajo]. Retrieved 13 Jun 2006.</ref> and a 6% drop in the rate of poverty.<ref name="CEPR_2006">Weisbrot, M., Sandoval, L., and Rosnick, D. (2006), [http://www.cepr.net/publications/venezuelan_poverty_rates_2006_05.pdf "Poverty Rates In Venezuela: Getting The Numbers Right",] ''Center for Economic and Policy Research'', Accessed May 31, 2006.</ref> The World Bank echoed a drop in poverty as well.<ref>''Urdaneta, Jainelly''. (''Panorama Digital'' 03 Jun 2006). [http://www.venezuelanalysis.com/news.php?newsno=1979 World Bank: Venezuela decreased poverty] Retrieved 1 July 2006 </ref>

Critics state that unemployment levels have not dropped enough, considering the massive oil windfall, and that the job creation may not be permanent.  Some social scientists mistrust the government's reported poverty figures, based on contradictory statistics and definitions, and some economists report insufficient economic growth and continued repression of the economy.

==Notes==
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