Venezuela History
Struggle between dictatorship and democracy During the period of the dictatorship of General JV Gómez (1908–35, with interruptions), oil production developed into Venezuela’s economic base, supported by foreign capital investments. With the help of the state’s share in oil sales, Gómez reduced the national debt and stabilized the currency. Venezuela has benefited from the exploitation of its large oil reserves since the 1920s and has become one of the most modern Latin American states on this basis. In 1948 a…