Economic Performance (original) (raw)
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Latin American Perspectives, 2017
The current crisis in Venezuela is sometimes said to have been provoked by the response of imperialism and the local oligarchy to the fundamental changes in economic and political relations fostered during the administrations of Hugo Chávez. A quantitative study using various statistical sources shows that the significant increase in oil rent during the Chávez presidency did not translate into a qualitative transformation in the form of state intervention and that, although social expenditures increased in that period, most of the income that allowed this was obtained through currency overvaluation by inefficient national and foreign capital. The current crisis is, therefore, evidence of the limits of low-productivity state and private capital reproduction due to the decline in oil prices rather than of a conflict between overcoming and reproducing capitalism in an alleged " economic war. " A veces se dice que la crisis actual en Venezuela ha sido provocada por la respuesta del imperialismo y la oligarquía local a los cambios profundos en las relaciones económi-cas y políticas promovidos durante la administración de Hugo Chávez. Un estudio cuantitativo en el que se usaron diferentes fuentes estadísticas demuestra que el aumento significativo en la renta del petróleo durante la presidencia de Chávez no se tradujo en una transformación cualitativa de la intervención estatal y que, aunque los gastos soci-ales aumentaron en ese período, la mayor parte del ingreso que permitió ese aumento se obtuvo por medio de la sobrevaluación de la moneda por parte del ineficiente capital nacional y extranjero. Por lo tanto, la crisis actual es evidencia de los límites de la baja productividad de la reproducción estatal y privada debido a la caída en el precio del petróleo y no un conflicto entre la eliminación y la reproducción del capitalismo en una supuesta " guerra económica. " From the start, the Venezuelan government of Nicolás Maduro faced an acute economic crisis. The shortage of basic goods, inflation, and the widening of the gap between the official and the parallel exchange rate are some of the most prominent issues that marked the Venezuelan situation in late 2015. The economic crisis directly challenged the workers' political agenda.
The crisis in Venezuela: Drivers, transitions, and pathways
European Review of Latin American and Caribbean Studies Revista Europea de Estudios Latinoamericanos y del Caribe, 2020
In this introduction, we present the main contributions of this special collection, which aim to open the analysis to the broader political and economic processes that underpin Venezue-la's recent crisis. We highlight the transition from a limited democracy to an authoritarian regime and some of the potential pathways to democratization. We further explain how the political transition that occurred in the last decade was influenced by structural conditions of the Venezuelan economy, elaborating on the collapse of the Venezuelan rentier economy and some of the emerging processes that feed the strengthening of authoritarianism. Lastly, we analyse how these transformations have been affected by a changing international order with emerging actors and dynamics in a global order upheaval. The articles in this special collection locate in Venezuela's crisis on broader theoretical discussions rooted in comparative and historical perspectives. En esta introducción, presentamos las principales contribuciones de esta colección especial, cuyo objetivo es abrir un análisis a los amplios procesos políticos y económicos que susten-tan la reciente crisis de Venezuela. Destacamos la transición de una democracia limitada a un régimen autoritario y algunas de las posibles vías hacia la democratización. Explicamos además cómo la transición política que ocurrió en la última década estuvo influida por las condiciones estructurales de la economía venezolana, explicando el colapso de la economía rentista venezolana y algunos de los procesos emergentes que alimentan el fortalecimiento del autoritarismo. Por último, analizamos cómo estas transformaciones se han visto afecta-das por un orden internacional cambiante con actores y dinámicas emergentes en una agita-ción del orden global. Los artículos de esta colección especial sitúan la crisis de Venezuela en debates teóricos más amplios enraizados en perspectivas comparativas e históricas. Pala-bras clave: Venezuela, retroceso democrático, autoritarismo, economía rentista, orden global , Nicolás Maduro, Revolución Bolivariana.
Reversal of Fortune: The Ephemeral Success of Adjustment in Venezuela Between 1989 and 1993
The World Bank, Governance and Successful …, 1994
for their criticism of preliminary drafts of this paper. This paper has been cleared for inclusion in the occasional paper series by R. Shyam Khemani, Manager, Competition & Strategy. The views expressed are those of the author(s) and should not be attributed to the World Bank. This paper forms part of a forthcoming volume, Leila Frischtak and Izak Atiyas (eds.), "Governance, Leadership and Communication: Building Constituencies for Economic Reform." The World Bank Private Sector Development Department * Enzergy sector. Apart from planned privatizations, CADAFE, the largest public electric company, started a restructuring process, and electricity rates were raised
The Reproduction and Crisis of Capitalism in Venezuela under Chavismo
Latin American Perspectives, 2016
The current crisis in Venezuela is sometimes said to have been provoked by the response of imperialism and the local oligarchy to the fundamental changes in economic and political relations fostered during the administrations of Hugo Chávez. A quantitative study using various statistical sources shows that the significant increase in oil rent during the Chávez presidency did not translate into a qualitative transformation in the form of state intervention and that, although social expenditures increased in that period, most of the income that allowed this was obtained through currency overvaluation by inefficient national and foreign capital. The current crisis is, therefore, evidence of the limits of low-productivity state and private capital reproduction due to the decline in oil prices rather than of a conflict between overcoming and reproducing capitalism in an alleged “economic war.” A veces se dice que la crisis actual en Venezuela ha sido provocada por la respuesta del imperi...
2011
The standard of living, measured as gross domestic product (GDP) per capita, increased dramatically in Venezuela relative to that of the United States from 20 percent in 1920 to 90 percent in 1958, but since then has collapsed to around 30 percent nowadays. What explains these remarkable growth and collapse episodes? Using a standard development accounting framework, we show that the growth episode is mainly accounted for by an increase in capital accumulation and knowledge transfer associated with the foreign direct investment in the booming oil industry. The collapse episode is accounted for equally by a fall in total factor productivity and in capital accumulation. We analyze Venezuela during the collapse episode in the context of a model of heterogeneous production units were policies and institutions favour unproductive in detriment of more productive activities. These policies generate misallocation, lower TFP, and a decline in capital accumulation. We show in the context of an heterogeneous-establishment growth model that distortionary policies can explain a large portion of the current differences in TFP, capital accumulation, and income per capita between Venezuela and the United States.