England were crowned U20 World Champions as Dominic Calvert-Lewin's 34th-minute goal proved decisive against Venezuela, while Italy nabbed third place with a win over Uruguay.
The Everton youngster saw his initial effort well saved by Wuilker Farinez but the rebound afforded him a second chance which he made no mistake in slotting past the Venezuela keeper.
The second half saw England keeper Freddie Woodman twice deny Venezuela an equaliser, the first save from a one-on-one confrontation with Sergio Cordova and the second from Adalberto Penaranda who failed to make England pay from the penalty spot.
Further chances were created by both teams in a highly entertaining final which, ultimately, belonged to a deserved Young Lions side who have now gone 12 matches without tasting defeat.
Earlier, Italy managed their best-ever finish in an Under 20 World Cup when they overcame Uruguay on penalties to end the tournament in third place.
Neither team looked likely to score in a somewhat unentertaining first half and it was the South Americans who looked most eager to do so after the restart.
However, Rodrigo Amaral's side were lacking in accuracy with only four of their 14 shots being on target – all of them saved by Alessandro Pizzari.
With the match still goalless after extra time, the Italy keeper was given further opportunity to assert himself on the match. The 17-year old rose to the occasion, saving the spot kicks of Amaral and Juan Boselli while his teammates Luca Vido, Ricardo Marchizza and Rolando Mandragora, at the other end, managed to score all of their's.