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Essay / Research Paper Abstract
This 8 page research paper explores the rise of the oil industry in Venezuela and its significant impact on the country. Many other industries have flourished because of it, e.g., construction. Despite some problems managing the money in the beginning stages of their oil industry, Venezuela has seen a significant improvement in its infrastructure and public services. Bibliography lists 7 sources.
Page Count:
8 pages (~225 words per page)
File: D0_Venez.doc
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Unformatted sample text from the term paper:
became the most desirable investment opportunity in Latin America for foreign investors (Batchelder 1996). Taxes and royalties from the countrys oil industry
allowed the government to establish huge public works programs as well as credits to businesses in the private sector. Revenue gained from exports was invested in importing capital and consumer
goods (Batchelder 1996). Growth of Oil Industry: A Blessing and a Curse The growth of the oil industry was a blessing
and a curse. Venezuela first saw an unprecedented growth in their industrial capabilities; they built bridges, railroads and roads. From 1950 and continuing for almost eight years, the annual GDP
increased by more than 9% each year. By that time, however, the lack of appropriate balanced growth plans resulted in both economic and social problems. One of the major mistakes
at the time was the amount of public funding used to expand the metropolitan area of Caracas. One of the projects was construction of military installations. They became obsolete even
before they were completed (Serbin 1991). As Caracas expanded greater numbers of unskilled workers from rural regions migrated to the city. Even with
increased industrialization, there were not enough jobs to go around and Caracas experienced high percentages of unemployment. This was coupled with a shortage of skilled labor which exacerbated the problems
(Batchelder 1996). A seriously unbalanced budget spurred many social problems. One example was the amount spent on education - 5% of the
annual budget. A pittance that resulted in having only 60% of the children in the country attending school and nearly half of all adults were illiterate. Family income was severely
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