Life expectancy is 72. The major industries are petroleum, aluminum, steel and automobile assembly. Much of its development has been fueled by petroleum, which was nationalized in 1975. Petroleum provided 78 percent of export earnings in 1996. Yet even with abundant resources, an educated population and a modern infrastructure, Venezuela's workers and much of the middle class have gone through a period of intense suffering in recent years.
Unemployment is at depression levels.
The poverty rate is over 80 percent. Developing countries, encouraged to borrow by the big imperialist banks, have been left struggling with a huge debt burden. In other words, while the imperialists were taking more and more out of Venezuela, it was getting poorer. Servicing the debt was squeezing Venezuela dry. At the same time, they protected the privileges of the rich.