||||“This is an original, lucid, and stimulating work, one that will force economists, political scientists, and historians to rethink the economic history of Venezuela, the validity of the ‘resource curse,’ and the political economy of growth
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 cent...
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