In Venezuela, President Hugo Chavez has been in power over the past thirteen years. Leading up to his current presidency, Chavez has been a military leader, a commander, and a revolutionist. After winning the presidency in 1998, he vowed that he would make drastic changes to benefit the poor. However, during his reign as the powerful Venezuelan President, many questioned who this "revolution" actually benefitted. Since his Presidential election, in December of 1998, Hugo Chávez has transformed Venezuela's political system. His time in office has been criticized by most, and admired by few. Nevertheless, Venezuela still has political support of countries such as Cuba, Colombia, Brazil, Libya, and Iraq. .
Although the economy in Venezuela is dominated by the oil industry, many other factors impact the country's economic standing. Chavez's "revolution" has managed to make an impact in every financial aspect of this country. One way Chavez's office has impacted the economy is by controlling all oil assets and by eliminating all private oil companies. In addition to nationalizing the oil industry, Chavez consolidated state control of the economy, telephone, and electric companies. This, he proclaimed, to be his "Bolivarian revolution," named for the hero of Latin American independence, Simon Bolivar. .
Chavez's Biography.
Hugo Chavez Frias was born on July 28, 1954, in a small farming town in the western Venezuelan state of Barinas. The son of two school teachers, Chávez was a 1975 graduate of Venezuela's Military Academy. By 1990, Chavez was promoted to a lieutenant colonel. Then, in February of 1992, Chávez led an unsuccessful attempt to overthrow the government of President Carlos Andres Perez. For this coup attempt, he was imprisoned for two years. Chavez was eventually pardoned in 2008. While in the military, Chávez founded the nationalistic and left-leaning Bolivarian Revolutionary Movement.