Working-Class Response to Devaluation Measures in Venezuela

Michael A. Lebowitz | Socialist Project | Read article

We agree that the government decision to devalue the Bolivar can be an important step toward providing greater funds for social programs and the state budget at all levels, reducing the unacceptable current level of imports, encouraging the development of exports other than oil and helping to create the conditions for new national production. However, by itself the burden of the devaluation measures will fall upon the working-class. Therefore, to break clearly with the neoliberal model, it is essential that the government supplement its devaluation decision by accepting the following proposals.

1. The organized working-class must not pay. 2. The people in general must not pay. 3. Capital must pay. 4. We need to take definite steps that move in the direction of socialism.