Venezuela introduces major economic reforms

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Published on 26 Nov 2014, 16:14
Venezuelan President Nicolas Maduro has decreed scores of reforms that will increase the government’s role in economic affairs. Chief among the reforms is the Anti-Monopoly Law which Maduro says will play a key role in what he calls the economic war against capitalism.
But on the streets, opposition activists say the new regulations will just worsen the economic woes that they are severely affecting the lives of the Venezuelans. However, the government says the Anti-Monopoly Law will protect the people from some companies that deliberately generate scarcity of essential products, overpricing, smuggling and speculation. The opposition claims none of the economic reforms implemented by Maduro have been successful. But, socialists are hopeful that the president's recent decisions will fix the nation's troubled economy as the government’s revenues have diminished due to falling oil prices. Whether or not private companies are destabilizing the Venezuelan economy with what is seen as monopolies and improper conducts, government supporters believe that new regulations are necessary to prevent any aggression against the nation's economic system after several months of goods' scarcity and inflation.

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