This was the last rebellion on the part of the natives.On 25 July 1567, Captain Diego de Losada laid the foundations of the city of Santiago de León de Caracas.Terrain suitable for building lies between 760 and 1,140 m (2,490 and 3,740 ft) above sea level, although there is some settlement above this range.The valley is close to the Caribbean Sea, separated from the coast by a steep 2,200-metre-high (7,200 ft) mountain range, Cerro El Ávila; to the south there are more hills and mountains.Joining El Silencio, also designed by Villanueva, were several workers' housing districts, 23 de Enero and Simon Rodriguez.
During the 1950s, Caracas began an intensive modernization program which continued throughout the 1960s and early 1970s.
However, in 1595, around 200 English privateers including George Sommers and Amyas Preston crossed the mountains through a little-used pass while the town's defenders were guarding the more often-used one.
Encountering little resistance, the invaders sacked and set fire to the town after a failed ransom negotiation.
Caracas has a largely service-based economy, apart from some industrial activity in its metropolitan area.
The Caracas Stock Exchange and Petróleos de Venezuela (PDVSA) are headquartered in Caracas. Caracas is also Venezuela's cultural capital, with many restaurants, theaters, museums, and shopping centers.