Venezuela Hyperinflation Causes and Solutions
Abstract
Venezuela, a Latin America country, has faced severe economic crisis since 2015. Among various problems, hyperinflation, a rapid excessive and out-of-control price increases, is the most highlighted one. Analysis from diplomacy, economy, social system, policy and development strategy shows detailed problem of Venezuela. It comes out clear that some current policy and strategy of Venezuela is inappropriate and should be adjusted. Solutions from both domestic side and international aspect can drag Venezuela out of hyperinflation. Several important methods are about welfare system, unemployment, resources potential, and international cooperation.There can be risks because the current situation of Venezuela is terrible. But risks followed by chances. With certain mitigations, risks can be transformed in to opportunities. Though hyperinflation and economic crisis are hard to solve, exploiting traditional resource and exploring potential industries can relieve part of these problems.References
[1] “List of companies of Venezuelaâ€Wikipedia, 24 February 2020,https://en.wikipedia.org/wiki/List_of_companies_of_Venezuela, 15 March 2020
[2] “Trump approves sanctions on Venezuelan oil company†CNN, 20 January 2019,https://edition.cnn.com/2019/01/28/politics/us-sanctions-venezuelan-oil-compan y/index.html,15 March 2020
[3] “Sanctions on Venezuela's oil firm sends U.S. refiners scrambling†Reuters, 20 January 2019, https://www.reuters.com/article/us-venezuela-politics-usa-oil-graphic-idUSKCN1PN2 DU, 15 March 2020
[4]“All The 69 Most Beautiful Miss World Winners From 1951-2019†STYLECRAZE, https://www.stylecraze.com/articles/most-beautiful-miss-world-winners/, 15 March 2020
[5] “What Causes Hyperinflationâ€, Investopedia, 5 February 2020, https://www.investopedia.com/terms/h/hyperinflation.asp, 15 March 2020
Authors contributing to this journal agree to publish their articles under the Creative Commons Attribution-Noncommercial 4.0 International License, allowing third parties to share their work (copy, distribute, transmit) and to adapt it, under the condition that the authors are given credit, that the work is not used for commercial purposes, and that in the event of reuse or distribution, the terms of this license are made clear. With this license, the authors hold the copyright without restrictions and are allowed to retain publishing rights without restrictions as long as this journal is the original publisher of the articles.
