Monday, July 17, 2006

A HISTORY OF VENEZUELA II

1895 - Conflicts arise once more between landowners and peasants. The struggle for land becomes sharper. Added to this is the impoverishment of landowners without money or credit who are taken over by the money lenders. Money lenders are allowed to charge any amount of interest that they want (sometimes 50%) and they are allowed to take over the land holdings as collateral for loans. This leads to perpetual debt. The agricultural sector finds itself in ruins. This gives rise to the Liberal party which opposes the capitalist oligarchy in power.

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