key concepts nov 8 Flashcards
Who was venezula president during the 2000s?
Hugo Chavez
What was happening in the 2000s?
The oil boom, gas prices went up and venezula found oil and became exporters.
What is Hugo Chavez do with money made from the oil boom?
Squandered the money.
Who took over after Chavez
Nicolas Maduro
When did gas prices plummet?
2014
What was the solution to pay for programs Chavez started?
Print Money
How bad is inflation in venezula?
Lead to about 80,000% in 1 yr
What problems does this cause?
People fled the country because of inflation
How did they try to combat inflation, and why did it not work?
Price controls, they don’t work because they cause a shortage of supplies.
What is a bureaucratic authoritarianism?
It is ruled by technocrats, these people think of themselves as professionals, and are a group. They repress people legally by passing laws that allow it.
What are technocrats?
They are people in power who have background/skill in the area they are working in
What is an example of a technocrat?
Chicago boys from Chile
What is an example of the bureaucratic authoritarianism?
Brazilian Military dictatorship (1964-1965)
What was unique about brazil in 1964-1965?
They did not get rid of congress, because it gave them some sort of legitimacy.
What happened in 1980?
The Debt Crisis, economy crashed
