This study is devoted to analyze the proposals for the modification of the Venezuelan 1999 Constitutions formulated by the President of that country before the National Assembly on August 2007, by mean of witch seek to introduce fundamental changes in the conception and organization of the State, in order to change the current model of Democratic Rule of Law and Decentralized Social State, based on a system of mixed economy which combine economic freedom and State intervention in order to achieve social justice, and transform it into a Socialist, centralized and Military State, based on the extinction of economic freedom and property rights as constitutional rights, establishing a constitutional economic system based on the State exclusive role in the economy through a centralized planning system. Such “reform” could only be made through a Constituent Assembly.