First presidency of Carlos Andrés Pérez
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The first presidency of Carlos Andrés Pérez (from 1974 to 1979) coincided with the oil boom of 1974, which saw Venezuela's economy prosper. Carlos Andrés Pérez launched a program of rapid modernization. His first presidency also saw the nationalization of the oil industry. He regained the presidency in 1988 (Second Presidency of Carlos Andrés Pérez).