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How Is Venezuela's Regulated Free Market Economy?

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Venezuela has a regulated free market economy. As most developed countries have a market economy however in Venezuela’s case the government has a higher form of control when comparing developed countries that are ranked within the top 25 GDPs. Starting and doing business is made harder due to governmental control over property rights, capital control and regulations implement for businesses. Venezuela’s GDP depends for a large portion on the petroleum industry and exporting petroleum accounts for more than 80% .

In 2014 the GDP of Venezuela was 509 billion US dollar. It is amongst the highest in its region ( South America ).
When comparing Venezuela to other nations around the globe its GDP ranking is quite high. In 2014 Venezuela
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