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Venezuela was originally inhabited Carib and Arawak Indians. But in 1498 Venezuela was claimed as a Spanish territory by Christopher Columbus. Spanish rule was administered from a distance leaving the country to develop

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Spain's mainland colonization of Venezuela Started in 1522. Spain established its first South American settlement. settlement was located in the modern day city, Cumana

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African Slaves sent to Venezuela to work on plantations-1550

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African Slaves sent to Venezuela to work on plantations-1550

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During the year 1550 nearly 25,000 slaves were brought to Venezuela.Slaves were brought by John Hawkins and Sir Francis Drake during the Atlantic Slave Trade. This can refer to the combination of different races in Venezuela today

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After a series of battles, and short lived declarations Venezuela gains independence from Spain in 1821. Simon Bolivar, Venezuela's national hero plays a key role in gaining Independence from Spain. Simon Bolivar was the former president.

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Ports are blocked by other countries-1902

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Ports are blocked by other countries-1902

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Venezuela borrowed money from other countries but failed to pay back the loan of money. Due to this, ports were blocked by Germany, Italy, and England. Ports were blocked off with warships. This lasted for 1 year.

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Venezuela become's one of the world largest oil exporters. The president during this time was Juan Vicente Gomez. He was a dictator, but due to Venezuela selling oil to other countries the economy boosted up.

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Leftist Romulo Betancourt is elected president- 1958

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Leftist Romulo Betancourt is elected president- 1958

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Leftist Romulo Betancourt is elected president. He oversees the 1963 elections, the country's first democratic civilian-to-civilian transfer of power. All previous elections were not democratic.

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The Arab oil embargo begins following the "Yom Kippur War" between Arab states and Israel. Oil prices rapidly rise, benefiting Venezuela. Embargo means an official ban on trade or other commercial activity with a particular country.

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A fall in world oil prices leads to government spending cuts. President Jaime Lusinchi signs a pact between business, trade unions and government to deal with the fallout. oil costs fall lower from 1973.

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Oil prices peak above $145 per barrel, and PDVSA is put in charge of a major food importing campaign to deal with supply shortages. Due to shortage of oil, prices raise up. Average price of oil is around $45.