Venezuela’s economic institutions differ from those of other nations in the region mainly because venezuela
has implemented socialist economic policies under the leadership of the late President Hugo Chavez and his successor, Nicolas Maduro. These policies include nationalization of key industries, price controls, currency controls, and heavy government intervention in the economy.
Venezuela also has a state-owned oil company, PDVSA, which has historically been a major source of revenue for the government. However, mismanagement, corruption, and falling oil prices have led to a severe economic crisis in the country, with hyperinflation, shortages of basic goods, and widespread poverty.
Additionally, Venezuela has faced international sanctions from the United States and other countries, further exacerbating its economic challenges. These factors make Venezuela’s economic institutions unique compared to other nations in the region, which have generally pursued more market-oriented economic policies.