Comparison between Venezuela and Norway
Category | Venezuela | Norway |
---|---|---|
Political System | 21st Century Socialism | Social Corporatism |
Economic Philosophy | Class Struggle | Class Collaboration |
Property Rights Index | 0-10 | 84-90 |
Makeup of the Economy | Highest GDP Companies were Nationalised, Coops, Communal Councils owning 30% of State Funds | Average Public Sector (32% GDP), Profit Share on Oil (18% GDP), Large Private Service Sector (40% GDP) |
No of State-Owned or Majority Companies | 576 (441 during Chavez) | 57 |
Worker-Owned Coops | 100,000 (1.5m - 6.6% population) | <9000 (?) |
Barrels of Oil (2016) | 299,953,000,000 | 5,138,767,000 |
Population | 28.44 million | 5.379 million |
Barrels per population | 10,546 | 955 |
Economic Freedom Index (2022) | 24.8 | 76.9 |
Wealth Inequality Gini-Coefficient (2019) | 0.743 | 0.798 |
Regulations on Business | Extremely High | Low |
Control Over the Economy | Extensive to Full Control | Light Touch (High Degree of Trust in Business) |
Human Rights/Rule of Law (Fragile State) | 9.10 | 0.50 |
Human Development Index (2019) | 0.711 | 0.957 |
Sustainable Development Index | 0.696 | 0.188 |
Additional Comments:
- Venezuela has almost limitless welfare polices for Education, Health and Food. One year it gave away 200,000 homes. Between 2003 and 2013, poverty levels fell from 61% of the population to 34%. (addional info)
- Redistributed 2.7million hecters of land from private owners to 180,000 peasant families.
Additional Resources
- How Socialism Destroyed Venezuela
- Microeconomic binding constraints on private investment and growth in Venezuela - Harvard
- Socialism: A Case Study on Venezuela
- How Venezuela Struck It Poor
- The Economic Policies that Ruined Venezuela
- Economic policy of the Hugo Chávez administration
- How Nationalisation Caused Food Shortages in Venezuela
- Venezuela - Economic Freedom Index
- TV report of a recently nationalised Dairy Company
- TV News Report on the Gold Industry nationalisations