Purpose Of The Bolivarian Revolution In Venezuela

The Bolivarian Revolution, essentially a leftist social movement and political process in Venezuela, was pioneered by late Venezuelan president Hugo Chávez. According to Chávez and other socialism supporters, the purpose of the "Bolivarian Revolution" was to build a mass movement to implement Bolivarianism—popular democracy, economic freedom, equitable distribution of wealth, and an end to political corruption—in Venezuela. The supporters of this ideology look at Bolívar's ideas through a socialist lens. A loss in confidence in the existing parties led to Chávez being elected president in 1998. Subsequently, a "Bolivarian Revolution" was launched, beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela. In addition, Chávez started

However, he was reinstated to power after two days as a result of demonstrations by poor Chávez supporters in Caracas and actions by the military. Chávez retained power despite a national strike that lasted from December 2002 to February 2003, including a lockout in the state oil company PDVSA. The strike caused severe economic turbulence, with the country's GDP falling 27% during the first four months of 2003, and costing the oil industry $13.3 billion. Capital flight before and during the strike led to the reimposition of currency controls (which had been abolished in 1989), managed by the CADIVI agency. In the following decade, the government was compelled into adopting several currency devaluations. These devaluations have done little to improve the situation of the Venezuelan people. They rely on imported products or domestically produced products that depend on imported raw materials while dollar-denominated oil sales account for the vast majority of Venezuela's exports. The profits of the oil industry have been lost to "social engineering" and corruption, instead of being channeled into investments needed to maintain oil