ABSTRACT
Implementation of a new stage of substitutive industrialization measures and, therefore, reformulation of Venezuela's development model, the year 1974 could perhaps be considered as a proper point of reference bearing in mind the new strategy based on the development of basic industries and on the nationalization of iron and oil. The development strategy was based on investment in basic industries: refineries, steel, aluminium, metal mechanics. The high level and the high rate of investment, in both the private and the public sector, generated a shortage of specialized labour. The only activity reserved for people scientific and technical system will be the evaluation and selection of the techniques to be imported, but even the agencies in charge of this task lack the necessary technical capacity to handle the volume of imports'. However, it is undeniable that the impact of new public investments brought about a rapid increase in private investment aimed at satisfying the new demands.
