Hyperinflation, industry, cash and salaries in Venezuela

Few would deny that Venezuela is suffering from the worst crisis in its history. For the fifth consecutive year the country will record the highest inflation in the world (estimated at 24,571% for the period May 2017 to May 2018) (Nacional. 2018)). In May 2018, monthly inflation reached 110% while cumulative inflation for 2018 was around 1,995% (Nacional, 2018). This is the seventh consecutive month with hyperinflation and the country watches dumbfounded as prices rise on a daily basis.

Venezuela: The Failure of the Bolivarian Process

The Bolivarian process in Venezuela, starting with the election of Hugo Chávez in 1998, began at a critical moment in the history of the country. Venezuela was going through a severe economic crisis with an unstable and deeply delegitimized political system…