Read the Country Focus on Chavez's Venezuela, then answer the following questions:
a. Under Chavez's leadership, what kind of economic system is being put in place in Venezuela? How would you characterize the political system?
b. How do you think that Chavez's unilateral changes to contracts with foreign oil companies will impact future investment by foreigners in Venezuela?
c. How will the high level of public corruption in Venezuela impact future growth rates?
d. Currently Venezuela is benefiting from a boom in oil prices. What do you think might happen if oil prices retreat from their current high level?
e. In your estimation, what is the long-run prognosis for the Venezuelan economy? Is this a country that is attractive to international businesses?