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Author: Jorge Salazar-Carrillo Publisher: Bloomsbury Publishing USA ISBN: 0313059519 Category : History Languages : en Pages : 296
Book Description
This book advances the theory that a potential leading export sector—in this case, the oil sector—is capable of inducing economic growth even in peripheral countries where the product line is primary in nature. In Venezuela the oil sector has contributed directly and indirectly to the development of the country's overall economy, particularly from 1936 to 1973, when that sector met the criteria of a leading sector, i.e., one that expands rapidly and obtains a large specific size relative to the economy as a whole. Oil investment in Venezuela contributed to the fiscal sector, the foreign sector, GDP, income, backward and forward linkages, the multiplier and accelerator effects, and the retained value of total expenditures. In spite of recent efforts to diversify the production and export mix, the Venezuelan economy continues to remain heavily dependent on oil production for export. During the midcentury decades of solid growth, it became evident that government oversight was needed to ensure that the numerous contributions flowing from the oil sector would be put to good use. Overall, it appears that the contributions were well utilized by the Venezuelan government, although there was plenty of room for improvement. Income distribution problems and other social inequities continued to beset the development process, leaving the economy rigid and inflexible. Consequently, when the oil sector faltered (1974 to 2000), Venezuela was unable to shift into other product lines. Political disarray soon followed, and with it a pervasive aura of economic uncertainty that persists to this day.
Author: Jorge Salazar-Carrillo Publisher: Bloomsbury Publishing USA ISBN: 0313059519 Category : History Languages : en Pages : 296
Book Description
This book advances the theory that a potential leading export sector—in this case, the oil sector—is capable of inducing economic growth even in peripheral countries where the product line is primary in nature. In Venezuela the oil sector has contributed directly and indirectly to the development of the country's overall economy, particularly from 1936 to 1973, when that sector met the criteria of a leading sector, i.e., one that expands rapidly and obtains a large specific size relative to the economy as a whole. Oil investment in Venezuela contributed to the fiscal sector, the foreign sector, GDP, income, backward and forward linkages, the multiplier and accelerator effects, and the retained value of total expenditures. In spite of recent efforts to diversify the production and export mix, the Venezuelan economy continues to remain heavily dependent on oil production for export. During the midcentury decades of solid growth, it became evident that government oversight was needed to ensure that the numerous contributions flowing from the oil sector would be put to good use. Overall, it appears that the contributions were well utilized by the Venezuelan government, although there was plenty of room for improvement. Income distribution problems and other social inequities continued to beset the development process, leaving the economy rigid and inflexible. Consequently, when the oil sector faltered (1974 to 2000), Venezuela was unable to shift into other product lines. Political disarray soon followed, and with it a pervasive aura of economic uncertainty that persists to this day.
Author: Ricardo Hausmann Publisher: Penn State Press ISBN: 0271064641 Category : History Languages : en Pages : 549
Book Description
At the beginning of the twentieth century, Venezuela had one of the poorest economies in Latin America, but by 1970 it had become the richest country in the region and one of the twenty richest countries in the world, ahead of countries such as Greece, Israel, and Spain. Between 1978 and 2001, however, Venezuela’s economy went sharply in reverse, with non-oil GDP declining by almost 19 percent and oil GDP by an astonishing 65 percent. What accounts for this drastic turnabout? The editors of Venezuela Before Chávez, who each played a policymaking role in the country’s economy during the past two decades, have brought together a group of economists and political scientists to examine systematically the impact of a wide range of factors affecting the economy’s collapse, from the cost of labor regulation and the development of financial markets to the weakening of democratic governance and the politics of decisions about industrial policy. Aside from the editors, the contributors are Omar Bello, Adriana Bermúdez, Matías Braun, Javier Corrales, Jonathan Di John, Rafael Di Tella, Javier Donna, Samuel Freije, Dan Levy, Robert MacCulloch, Osmel Manzano, Francisco Monaldi, María Antonia Moreno, Daniel Ortega, Michael Penfold, José Pineda, Lant Pritchett, Cameron A. Shelton, and Dean Yang.
Author: Miguel Tinker Salas Publisher: Duke University Press ISBN: 0822392232 Category : History Languages : en Pages : 344
Book Description
Oil has played a major role in Venezuela’s economy since the first gusher was discovered along Lake Maracaibo in 1922. As Miguel Tinker Salas demonstrates, oil has also transformed the country’s social, cultural, and political landscapes. In The Enduring Legacy, Tinker Salas traces the history of the oil industry’s rise in Venezuela from the beginning of the twentieth century, paying particular attention to the experiences and perceptions of industry employees, both foreign and Venezuelan. He reveals how class ambitions and corporate interests combined to reshape many Venezuelans’ ideas of citizenship. Middle-class Venezuelans embraced the oil industry from the start, anticipating that it would transform the country by introducing modern technology, sparking economic development, and breaking the landed elites’ stranglehold. Eventually Venezuelan employees of the industry found that their benefits, including relatively high salaries, fueled loyalty to the oil companies. That loyalty sometimes trumped allegiance to the nation-state. North American and British petroleum companies, seeking to maintain their stakes in Venezuela, promoted the idea that their interests were synonymous with national development. They set up oil camps—residential communities to house their workers—that brought Venezuelan employees together with workers from the United States and Britain, and eventually with Chinese, West Indian, and Mexican migrants as well. Through the camps, the companies offered not just housing but also schooling, leisure activities, and acculturation into a structured, corporate way of life. Tinker Salas contends that these practices shaped the heart and soul of generations of Venezuelans whom the industry provided with access to a middle-class lifestyle. His interest in how oil suffused the consciousness of Venezuela is personal: Tinker Salas was born and raised in one of its oil camps.
Author: Jonathan Di John Publisher: Penn State Press ISBN: 0271076909 Category : Business & Economics Languages : en Pages : 215
Book Description
Since the discovery of abundant oil resources in the 1920s, Venezuela has had an economically privileged position among the nations of Latin America, which has led to its being treated by economic and political analysts as an exceptional case. In her well-known study of Venezuela’s political economy, The Paradox of Plenty (1997), Stanford political scientist Terry Karl argued that this oil wealth induced extraordinary corruption, rent-seeking, and centralized intervention that resulted in restricting productivity and growth. What this and other studies of Venezuela’s economy fail to explain, however, is how such conditions have accompanied both growth and stagnation at different periods of Venezuela’s history and why countries experiencing similar levels of corruption and rent-seeking produce divergent developmental outcomes. By investigating the record of economic development in Venezuela from 1920 to the present, Jonathan Di John shows that the key to explaining why the economy performed much better between 1920 and 1980 than in the post-1980 period is to understand how political strategies interacted with economic strategies—specifically, how politics determined state capacity at any given time and how the stage of development and development strategies affected the nature of political conflicts. In emphasizing the importance of an approach that looks at the political economy, not just at the economy alone, Di John advances the field methodologically while he contributes to a long-needed history of Venezuela’s economic performance in the twentieth century.
Author: Giuliano Garavini Publisher: Oxford University Press, USA ISBN: 0198832834 Category : Business & Economics Languages : en Pages : 445
Book Description
The most comprehensive history of the Organization of the Petroleum Exporting Countries (OPEC) and of its members, this study takes the reader from the formation of the first petrostate in the world, Venezuela, in the late 1920s, to the global ascent of petrostates and OPEC during the 1970s, to their crisis in the late-1980s and early- 1990s.
Author: Ral Gallegos Publisher: U of Nebraska Press ISBN: 1612347703 Category : Political Science Languages : en Pages : 254
Book Description
"Crude Nation tells the story of how ruinous mismanagement has resulted in the economic implosion of Venezuela, the country with the largest oil reserves in the world"--
Author: Ralph S. Clem Publisher: ISBN: 9780813035307 Category : Oil industries Languages : en Pages : 0
Book Description
President Hugo Chavez has used the windfall of high oil prices to remake Venezuela internally along the model of 21st-century socialism and, even more audaciously, to rewrite global relations by directly challenging U.S. hegemony. The dramatic ascendency of the country in hemispheric and global international relations over the past decade is the subject of this title.
Author: Iselin Åsedotter Strønen Publisher: Springer ISBN: 3319595075 Category : Social Science Languages : en Pages : 368
Book Description
This book is published open access under a CC BY 4.0 license. This book presents an ethnographic study of how grassroots activism in Venezuela during the Chávez presidency can be understood in relation to the country's history as a petro-state. Taking the contested relationship between the popular sectors and the Venezuelan state as a point of departure, Iselin Åsedotter Strønen explores how notions such as class, race, state, bureaucracy, popular politics, capitalism, neoliberalism, consumption, oil wealth, and corruption gained salience in the Bolivarian process. A central argument is that the Bolivarian process was an attempt to challenge the practices, ideas, and values inherited from Venezuela's historical development as an oil-producing state. Drawing on rich ethnographic material from Caracas' shantytowns, state institutions, as well as everyday life and public culture, Strønen explores the complexities and challenges in fostering deep social and political change.
Author: Jorge Salazar-Carrillo
Author: Jorge Salazar-Carrillo
Author: Jorge Salazar-Carrillo
Author: Ricardo Hausmann
Author: Miguel Tinker Salas
Author: Jonathan Di John
Author: Jorge Olavarría
Author: Giuliano Garavini
Author: Ral Gallegos
Author: Ralph S. Clem
Author: Iselin Åsedotter Strønen