March 19 - Socialism in Latin America Today

March 19 - Socialism in Latin America Today - History 262...

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History 262 Modern Latin America March 19, 2007 The Pink Tide: Socialism in Latin America Today The Social Question o Latin Americans look toward a strong, charismatic leader to bring people together and improve conditions in the country o These charismatic leaders are usually referred to as populists Export economy o Depending upon a single (or very few) export(s) is a precarious situation for an economy Venezuela exports oil o Venezuela has more oil than Saudi Arabia o Venezuela (as the company Citgo) sends cheap oil to poor neighborhoods of urban America to subsidize their heating costs o Venezuelan oil is heavy crude It is heavier than oil in the Middle East Costs more to extract Once out, costs the same to refine 1999 – Hugo Chavez is elected and takes office o 1999 – Oil costs $12 a barrel o Present – Oil costs about $ 60 a barrel With the growing cost of oil, Venezuela begins to bring in a lot of revenue o Venezuela has never quite figured out what to do with all its oil wealth except for the occasional subsidization of basic needs Hugo Chavez ( 1999 – Present) o Response: Negative response from the United States and the Bush administration Supporters claim that he is the “rare leader in Latin America that looks
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March 19 - Socialism in Latin America Today - History 262...

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