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Editor's Notes

1. Perhaps the most important thing to know about Venezuela is that it is an oil exporting country, the fifth largest in the world, with the largest reserves of conventional oil (light and heavy crude) in the western hemisphere and the largest reserves of non-conventional oil (extra-heavy crude) in the world. This fact is of immense importance to understanding Venezuela because it has shaped practically every aspect of the country, its history, its economy, its politics, and its culture.
2. Venezuela was a Spanish colony from 1499 to 1821. A federation of GranColombia was formed that included the countries that had fought togetherunder Simón Bolívar to defeat the Spanish. This federation comprisingVenezuela, Colombia, Ecuador and Panama did not last long. Panamawas annexed in 1821 and Ecuador and Venezuela seceded in 1830 to formindependent countries.
3. Venezuela is mainly made up of four groups: mestizos, or pardos, (mixed European and Indian ancestry), comprising 67 percent of the population; white (European descent, mainly Spanish, Italian, and Portuguese), 2l percent; black (African and Caribbean descent), 10 percent; and Indian (Native Americans), 2 percent.
4. The current Venezuelan nation as such appeared in 1829. Venezuela had three brief republican configurations before 1829. The first Venezuelan republic was a short-lived rule forged in 1810 by Venezuela's Francisco de Miranda; Miranda surrendered to the Spaniards in 1812 and died in exile in 1816. The second republican junta (1813) was led by Simón Bolívar himself but was as short-lived as the initial republic. Finally, Bolívar was able to oust the Spanish colonial empire in the Battle of Carabobo on 24 June 1821, and proclaimed Venezuela part of the Republic of Gran Colombia (which included the contemporary states of Colombia and Ecuador). Because of internal political conflicts and Bolívar's waning health, however, Venezuela proclaimed itself an independent republic on 5 July 1829.
5. Recent HistoryFollowing independence from Spain, military rule persisted until the trienio (a democratic experiment) in 1945-48. Military control was resumed in 1948 after a coup against the AcciónDemocrática AD) Government. Oppression under the military regime led to AD and their rival political party, the Comité de OrganizaciónPolítica Electoral Independiente (COPEI), joining forces to remove the military government in 1958.President Rómulo Betancourt (1958 to 1964) is said to be responsible for establishing democracy as the norm for Venezuelan Government. Between 1958 and1988 the country was politically stable with AD and COPEI dominating national elections. Sharp fluctuations in oil prices from 1973-83 were partially to blame for Venezuela's period of recession in the 1980s. In response to the economic crisis of 1989, the Government of President Carlos Andrés Pérez started to implement a programme of free market reforms. The stabilisation and economic structural adjustment measures were deeply unpopular with a significant sector of the population. The situation reached breaking point on 27 February 1989 when there were widespread protests and severe civil unrest, now known as the Caracazco. The Government responded with force and introduced an extended state of emergency.The ultimate result was a political crisis that undermined the Government and created the conditions for the attempted coup of 1992 led by Lt Col Hugo Chavez. The coup failed, but Chavez emerged on to the political scene. He appeared on national television to instruct his co-conspirators to stand down and said he had failed 'porahora' (for now). Chavez's supporters grasped this phrase as a sign that his time would come, and waited for his return from prison.In 1998, 6 years after the attempted military coup, Chavez won Presidential elections. Voters approved a new constitution in 1999 that launched the 'Fifth Republic' and a process of reform. Chavez consolidated power in the presidential elections of 2000. He survived a coup attempt in April 2002 that removed him from power for two days. Chavez's opponents then focused on collecting a sufficient number of signatures to stage a recall referendum. They did so, but in August 2004 Chavez won the vote and is therefore still in power.Chavez was re-elected for a second 6-year term in December 2006. After this victory the President asked his allies to merge into a single party: the Venezuelan United Socialist Party (PSUV), which had its Foundational Congress in early 2008. In December 2007, voters rejected a constitutional reform project drafted by the Government (by a narrow margin – 51% against, with 49% in favour).On 15 February 2009 Venezuelans voted by 54.9% to 45.1% in a referendum to accept a constitutional amendment to allow elected officials to stand for an unlimited number of terms. Chavez has stated his intention to stand for re-election in late 2012.Following their gains in the September 2010 elections, the opposition returned to the National Assembly in January 2011 after a 5 year absence. With 67 deputies this now creates a blocking minority against the 98 deputies of the PSUV.  However, on 20 December 2010, following severe flooding across Venezuela, the outgoing National Assembly granted President Chavez exceptional legislative powers for 18 months through the passing of an Enabling Law.
6. time-consuming process and may require several trips to strengthen the bonds. Similarly, whether people think you are worth knowing and trusting oft enweighs much more strongly than how competent you are or what proposals you may have to make. Third party introductions can be very helpful asa starting point to building a trusting relationship with a potential partner. Men are supposed to be assertive, ambitious,and tough; women tender and take care of relationships.Males fight back when attacked while females shouldn't.One should strive to be the best and failure is a disaster.
7. Many businesspeople speak at leastsome English, but being able to speak Spanish is a clear advantage. When communicating in English, speak inshort, simple sentences and avoid using jargon and slang. People in this country usually speak softly. Venezuelans generally converse in close proximity, standing only two feet or less apart. Silenceis oft en a way to communicate a negative message. Eyecontact should be very frequent, almost to the point of staring. This conveys sincerity and helps build trust. They prefer to say norteamericanos or North Americans. Perhaps the most visible consequence of Venezuela’s reliance on oil is that it has fostered a rentier and clientelistic mentality among Venezuelans. That is, the oil wealth has promoted the idea that one can do well in Venezuela, as long as one has access to the country’s oil wealth. The consequence was that rather than engaging in creative entrepreneurial activity, Venezuelans were encouraged to ally themselves with the state, seeking either employment or contracts from the state, which had a monopoly on Venezuela’s oil income.
8. Founder member of OPEC-1960Was a member of ANDEAN block
9. Elections in 2012.
10. In February 2007 Chavez announced a new law-decree to nationalize the last remaining oil production sites that are under foreign company control, to take effect on 1 May, allowing the foreign companies to negotiate the nationalization terms. Under the new regulations, the earlier joint ventures, involving ExxonMobil, ChevronTexaco, Statoil, ConocoPhillips, and BP, were transformed give PDVSA a minimum 60 percent stake. The process completed a government initiative begun in 2005, when the Chavez administration transformed earlier “operating agreements” in Venezuela’s older oil fields into joint ventures with a wide variety of foreign companies. Thirty out of 32 such operating agreements were transformed by the end of 2005 - only two challenged the transition in court, and no guesses as to who the companies were. Most foreign companies accepted the new arrangements, including Chevron, Statoil, Total and BP, but ExxonMobil and ConocoPhillips refused.