Venezuela Country ReportHistoryVenezuela was first explored by Columbus on his third voyage in 1498, where he found Arawak, Carib and Chibcha natives (9Infoplease). The name Venezuela means little Venice. Venezuela was one of the first South American colonies to revolt against colonial rule in 1810 and gained independence in 1822. It became a republic in 1830, then a period of unstable dictators ruled Venezuela until in 1870 (9 Infoplease). In 1870, Antonio Guzman Blanco governed until 1888, during which time he built infrastructure, developed agriculture, and invited foreign investment (9 Infoplease). From 1908 to 1935, General Juan Vicente Gómez was the dictator. This is the period when Venezuela became a major oil exporter. In 1946, Venezuela drafted a new constitution (9 Infoplease). Rómulo Gallegos, a famous writer, became Venezuela's first elected leader. Gallegros' term lasted only 8 months when the military-backed coup led by Marcos Peréz Jiménez broke out through him (9 Infoplease). From 1969 to 1974, Rafael Caldera Rodríguez legalized the Communist Party and established diplomatic relations with Moscow. Venezuela also benefited greatly from the oil boom during this period. In 1976, Venezuela nationalized foreign oil and steel companies (9 Info please). Venezuela relied heavily on oil exports, which put it in economic danger and in 1978 the price of oil fell, which sent the economy into a tailspin (9 News Please). In 1994, with debts mounting and oil prices falling, half of Venezuela's banking sector collapsed. Venezuela has attempted to boost its economy by expanding gold and diamond mining to reduce its dependence on oil (9 Infoplease).Hugo ChavezIn 1999, Hugo Chavez took office. He was a very left-leaning president and promised economic reform, improved efficiency, and reduced corruption. The poor economy caused civil unrest and increased crime rates. Violent mass protests are taking place across the country, demanding that the government resolve myriad economic and security problems. Venezuela also has one of the highest murder rates in the region. These problems led to instability and further harmed the economy. The biggest surprise I learned is that, despite all these problems, Venezuela remains the happiest country in Latin America. I think the main reason for this is that the government mainly caters to the poor working class who make up the majority of the country's population. Venezuela has many problems, but I believe that with gradual liberalization, privatization, diversification of the economy and greater regional economic integration, Venezuela can become a prosperous country..