First Republic of Venezuela
The First Republic of Venezuela ("Primera República de Venezuela" in Spanish) was the first independent government of Venezuela, lasting from July 5, 1811, to July 25, 1812. The period of the First Republic began with the overthrow of the Spanish colonial authorities and the establishment of the Junta Suprema de Caracas on April 19, 1810, initiating the Venezuelan War of Independence, and ended with the surrender of the republican forces to the Spanish Captain Domingo de Monteverde. The congress of Venezuela declared the nation's independence on July 5, 1811, and later wrote a constitution for it. In doing so, Venezuela is notable for being the first Spanish American colony to declare its independence.
Economy of Venezuela
After oil was discovered in Venezuela in 1922 during the Maracaibo strike, Venezuela's dictator Juan Vicente Gómez allowed American oil companies to write Venezuela's petroleum law. In 1943, Standard Oil of New Jersey accepted a new agreement in Venezuela based on the 50–50 principle, described as "a landmark event". Even more favorable terms were negotiated in 1945, after a coup brought to power a left-leaning government that included Juan Pablo Pérez Alfonso.