Captaincy General of Venezuela
The independence movement for Venezuela began with the establishment of the Caracas Junta in 1810. After the Venezuelan Declaration of Independence in 1811, the provinces of Caracas, Cumaná, Barinas, Margarita, and the newly separated ones of Barcelona, Trujillo, and Mérida established a Republic of Venezuela, which claimed the area of the Captaincy General. The provinces of Maracaibo and Guayana, along with the city of Coro, rejected the republic, and after a year of war against the royalists, this First Republic collapsed. The provinces that had created the Venezuelan Republic were reconquered by Frigate Captain Domingo de Monteverde, who usurped power from the appointed Captain General Fernando Miyares. Because of this the Cádiz Cortes erected the Province of Maracaibo into a separate Captaincy General with Miyares at its head, but did ratify Monteverde as Captain General of the smaller Venezuela. During this period, the Province of Maracaibo elected a representative to the Cortes, José Domingo Rus, who served from March 3, 1812, to May 10, 1814, and continued to represent the province before the crown after Ferdinand VII abolished the Cortes. With Ferdinand VII's return, Venezuela was reunited in one captaincy general.
Venezuela
For much of the period between 1950 and 1973, the Venezuelan economy was characterized by its stability and sustained strength, factors that contributed decisively to being able to maintain a fixed exchange rate without major inconveniences. In the period of Carlos Andrés Pérez (1974–1979, his first time as president), as a result of the Arab-Israeli war (the Yom Kippur war), the average price of a barrel of oil went from 3.71 to 10.53 dollars and continued to rise to exceed 29 dollars in 1981. The income of the public sector went from 18,960 million bolivars in 1973 to 45.564 million in 1974. The economic bonanza also had the characteristics of an economic bubble, but Venezuelans remember the "Ta barato, dame dos". The increased inflow of funds to savings and loan entities and mortgage banks allowed an increase in the mortgage loan portfolio, which also tripled. In general, Venezuela was a prosperous country in the governments of Rómulo Betancourt (1945- – ; 1959–1964), Rafael Caldera (1969–1974; 1994 – ) and Carlos Andrés Pérez (1974–1979; 1989 – ). In 1975 the iron industry was nationalized and the following year the oil industry, creating Petróleos de Venezuela, S.A. (PDVSA). Both Caldera and Pérez partially broke with the Betancourt Doctrine.
The election in 1973 of Carlos Andrés Pérez coincided with an oil crisis, in which Venezuela's income exploded as oil prices soared; oil industries were nationalized in 1976. This led to massive increases in public spending, but also increases in external debts, which continued into the 1980s when the collapse of oil prices during the 1980s crippled the Venezuelan economy. As the government started to devalue the currency in February 1983 to face its financial obligations, Venezuelans' real standards of living fell dramatically. A number of failed economic policies and increasing corruption in government led to rising poverty and crime, worsening social indicators, and increased political instability.