The Deviations of the Economic Constitutional System and the Twilight of the Venezuelan Economy

Abstract

The Constitution of the Bolivarian Republique of Venezuela (1999) has settled the grounds of a specific economic model. One of the most relevant features of that model is that it aims at harmonizing the collective with the individual to put persons at the core of socio-economic development. Thus, the Venezuelan constitution recognizes a general principle of liberty. At the same time, it institutes the minimal requirements for the appointment of a public office that drives a significant part of the political economy: the Central Bank. Nevertheless, the national government had limited those liberties and became the one who determines prices and the structure of costs/profits of all enterprises, whether public or private. In this article, we hold the following claim: since the National Assembly takes no intervention at the appointments of the President or Directors of the Central Bank, that had deeply undermined constitutional institutions of economic nature. The opacity and lack of accountability of the Venezuelan monetary office have diluted the constitution's economic features.