중남미

During the administration of Hugo Chavez, social expenditure in Venezuela expanded in relative and absolute terms simultaneously with the increase in oil revenues. Expenditures even went beyond the levels reached during the previous oil boom in the 1970s, particularly due to the expenditures in social security. Based on an analysis of Venezuela's social and economic structure, we show that this increase is aimed mostly towards the working population that is increasingly seen as excess workers. The increase in expenditure substantially improves the living conditions of this group. However, since there is no change in capital accumulation in Venezuela, this group continues to consolidate itself as excess wokers.