Explore BrainMass

Culture and Globalization, Venezuela

Describe culture and economy before globalization in regards with Venezuela.

Describe culture and economy after globalization including positive and negative changes, most relevant with Venezuela.

Issues for other countries wishing to do business or travel to this country.

Solution Preview

The petroleum sector dominates the economy of Venezuela which accounts almost 30% of GDP, approximately 80% of export earnings, and more than half of government operating revenues. From the 1950s to the beginning of the 1980s the Venezuelan economy was one of the strongest in South America. The country enjoyed remarkably high GDP growth, so that in the late 1950s Venezuela's real GDP per capita was close to West Germany's. During this period many immigrants moved to this country.

Venezuela joined OPEC (Organization of the Petroleum Exporting Countries) in 1965 with countries like Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates. This can be taken as a step to globalization due to the coordination and unification of the petroleum policies of its member countries and the determination of the best means for safeguarding their interests. However after the collapse of oil prices in ...

Solution Summary

The solution discusses Venezuela's culture and economy and the impact and role that globalization has played for it.