The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for about 18% of the country's GDP and roughly 95% of total exports.Venezuela is the fifth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants. During the collapse of oil prices in the 1980s the economy contracted. With high oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007 but is expected to have shrunk by 2.9% in 2009 and further in 2010. Venezuela has one of the highest inflation rates in the world averaging 29.1% in 2010, according to the CIA world fact book. According to Central Bank of Venezuela, the government received from 1998 to 2008 around 325 billion USD through oil production and export, and according to the International Energy Agency, to June 2010 has production of 2.2 million of barrels per day, 800,000 of which go to the United States of America.

Venezuela (ⁱ/ˌvɛnɨˈzweɪlə/ VEN-ə-ZWAY-lə), officially called the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela [repuˈβlika βoliβaˈɾjana ðe βeneˈswela]), is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south. Its northern coastline of roughly 2,800 kilometres (1,700 mi) includes numerous islands in the Caribbean Sea, and in the north east borders the northern Atlantic Ocean. Caribbean islands such as Trinidad and Tobago, Grenada, Curaçao, Bonaire, Aruba and the Leeward Antilles lie near the Venezuelan coast. Venezuela's territory covers around 916,445 square kilometres (353,841 sq mi) with an estimated population of 29,105,632. Venezuela is considered a state with extremely high biodiversity, with habitats ranging from the Andes mountains in the west to the Amazon Basin rainforest in the south, via extensive llanos plains and Caribbean coast in the center and the Orinoco River Delta in the east.

Robin Eric Hahnel (born March 25, 1946) is a Professor of Economics at Portland State University. He was a Professor at American University for many years and has traveled extensively advising on economic matters all over the world. He is best known for his work on participatory economics with Z Magazine editor Michael Albert.

Hahnel is a radical economist and political activist. Politically he considers himself a product of the New Left and is sympathetic to libertarian socialism. He has been active in many social movements and organizations for forty years, notably as a participant in student movements opposed to the American invasion of South Vietnam, more recently with the Southern Maryland Greens, a local chapter of the Maryland Green Party, and the Green Party of the United States. Hahnel's work in economic theory and analysis is informed by the work of Marx, Keynes, Piero Sraffa, Michał Kalecki, and Joan Robinson, among others. He has served as a visiting professor or economist in Cuba, Peru, and England.

Nicolás Maduro Moros (born 23 November 1962 in Caracas) is a Venezuelan politician who was appointed foreign minister by President Hugo Chávez on 9 August 2006.

Nicolas Maduro began his political career as a bus driver and unofficial trade-unionist representing the workers of the Caracas Metro system in the 1970s and 1980s (back then, unions within the Metro company were not allowed). He finished high school in the Liceo Avalos, a public high-school west of Caracas during the '80 (El Valle neighborhood), but lacks any university or further education. He is considered one of the founders of the Fifth Republic Movement (MVR), but his biggest political accomplishment was as activist for the release of Hugo Chávez from prison, and later as one of this regional political coordinators during the 1998 presidential race. Maduro was elected on the MVR ticket to the Venezuelan Chamber of Deputies in 1998, to the National Constituent Assembly in 1999, and to the National Assembly in 2000 and 2005, representing the Capital District. The legislature elected him Speaker of the Assembly, even though he did not have a college degree or formal education. He held that position from 2005 until the first half of 2006. Maduro is married to Cilia Flores, herself a prominent figure within the MVR. She replaced Maduro as Speaker of assembly.