Venezuelan Federation of Chambers of Commerce
Encyclopedia
The Venezuelan Federation of Chambers of Commerce or Fedecámaras is composed of chambers of commerce (cámara in Spanish) in twelve basic trade groups: banking, agriculture, commerce, construction, energy, manufacturing, media, mining, ranching, insurance, transportation, and tourism.
In practice, the intended function of Fedecámaras is to act as a cartel controlling these sectors of the Venezuelan economy
, setting wages and working conditions within each respective trade. Fedecámaras enforces these conditions by several means, including strikes against their aggregate employees to enforce wages and conditions. The cámaras also seek to informally control the amount of competition they will allow into each trade by controlling membership, and the rights enjoyed by members.
This organization is at political odds with the current Venezuela
n president, Hugo Chávez
. During a failed coup d'état
against him in April 2002, former Fedecámaras president Pedro Carmona
assumed the role of interim de facto
president of Venezuela for two days.
In practice, the intended function of Fedecámaras is to act as a cartel controlling these sectors of the Venezuelan economy
Economy of Venezuela
The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for about 18% of the country's GDP and roughly 95% of total exports. Venezuela is the fifth largest member of OPEC by oil production. From the 1950s to the early 1980s the...
, setting wages and working conditions within each respective trade. Fedecámaras enforces these conditions by several means, including strikes against their aggregate employees to enforce wages and conditions. The cámaras also seek to informally control the amount of competition they will allow into each trade by controlling membership, and the rights enjoyed by members.
This organization is at political odds with the current Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
n president, Hugo Chávez
Hugo Chávez
Hugo Rafael Chávez Frías is the 56th and current President of Venezuela, having held that position since 1999. He was formerly the leader of the Fifth Republic Movement political party from its foundation in 1997 until 2007, when he became the leader of the United Socialist Party of Venezuela...
. During a failed coup d'état
Coup d'état
A coup d'état state, literally: strike/blow of state)—also known as a coup, putsch, and overthrow—is the sudden, extrajudicial deposition of a government, usually by a small group of the existing state establishment—typically the military—to replace the deposed government with another body; either...
against him in April 2002, former Fedecámaras president Pedro Carmona
Pedro Carmona
Pedro Francisco Carmona Estanga is a former Venezuelan trade organization leader who was briefly declared President of Venezuela during an abortive 2002 military coup against Hugo Chávez. He occupied the office of President from April 12 to April 13...
assumed the role of interim de facto
De facto
De facto is a Latin expression that means "concerning fact." In law, it often means "in practice but not necessarily ordained by law" or "in practice or actuality, but not officially established." It is commonly used in contrast to de jure when referring to matters of law, governance, or...
president of Venezuela for two days.