Business Magazine

Democracy and Economic Freedom in Venezeula

Posted on the 16 April 2014 by Center For International Private Enterprise @CIPEglobal

Recent developments concerning property rights violations and popular riots in Venezuela remind us that democratic and economic development is not always a gradual forward-looking process but instead is characterized by periods of progress as well as setbacks. Separation of powers, property rights, the rule of law, the respect of human rights and the rights of minorities are essential components of a functioning democratic and free market system.

Reflecting on the challenging situation in Venezuela and the business community’s experience of threats to private property rights, Jorge Roig, President of the Venezuelan Federation of Chambers of Commerce FEDECAMARAS, was invited by the Free Enterprise and Democracy Network to share his views in the latest Economic Reform Feature Service article. 

Roig explain the important role equality of opportunity and private enterprise play in democratic societies as each “private enterprise that opens is a window to freedom.” Strengthening democratic institutions allows citizens to engage in entrepreneurial activity and to enjoy economic freedom as the “basis for the creative stimulus” of society.

The Venezuelan Federation of Chambers of Commerce FEDECAMARAS was founded in 1944 with the purpose of defending private initiative, supporting economic development, and providing better regional representation of the country’s diverse economy. FEDECAMARAS continues to champion the interests of businesses and protect economic freedom and hopes to pursue an open dialog with the government to better address the needs of the private sector and the implementation of economic reforms.

To learn more about lessons emerging from Venezuela’s tumultuous transition to democracy and market economy and how they are applicable to reforms in other countries, read the article here.

Teodora Mihaylova is a Research Assistant at CIPE.

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