This essay will firstly briefly explain the Marxist economics and then outline the Venezuelan economy strategies since 1998, finally focusing on evaluating how Marxist Political Economics concepts influence the economy.

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Having achieved for about five years of 13.5 percent annual real GDP growth, the recession caused a 3.3 percent shrinkage to the Venezuelan economy in the first quarter of 2009 (Weisbrot and Ray, 6th Sep 2010). From 1998, when he was first elected to be the present of Venezuela, Hugo Chávez acted strongly against neo-liberalism. After 2004, Chávez announced that people should have the power for their life and then he was increasingly calling for Socialism and proclaimed oppose to the Capitalism and imperialism (Bohmer, 5th Aug 2009). Although the world economic recession generated a great impact on Venezuela's economy, due to the guiding of Marxist Political Economics there are significant achievements on economic growth in the ways of centre planning, nationalizing private companies and conducting economic policies. Therefore, this essay will firstly briefly explain the Marxist economics and then outline the Venezuelan economy strategies since 1998, finally focusing on evaluating how Marxist Political Economics concepts influence the economy.

Das Kapital was first published by Karl Marx in 1867; it is one of the greatest works in economic development which was the outcome of investigating the causation of French Revolution (Kreis, 2008). Black (1997) defined Marxist economics as an