How can venezuela’s economic system best be described during hugo chavez’s years as president?

Question: How can venezuela’s economic system best be described during hugo chavez’s years as president?

Venezuela's economic system during Hugo Chavez's presidency (1999-2013) can be best described as a populist and socialist model that relied heavily on oil revenues to fund social programs and anti-imperialist policies. Chavez introduced a new constitution, increased the minimum wage, improved access to health, education, and land for the poor, and forged a close alliance with Cuba. He also faced opposition from the traditional political elites, the media, the judiciary, and the US, which supported a failed coup attempt against him in 2002. Chavez's economic policies did not diversify the Venezuelan economy, which remained dependent on oil exports and vulnerable to price fluctuations.```

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