From Windfall to Curse?: Oil and Industrialization in Venezuela, 1920 to the Present

Paperback | June 28, 2010

byJonathan Di John

not yet rated|write a review

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.

Pricing and Purchase Info

$61.95

In stock online
Ships free on orders over $25

From the Publisher

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), Stanf...

Jonathan Di John is Lecturer in Political Economy of Development at the School of Oriental and African Studies, University of London, and a Research Fellow at the London School of Economics.

other books by Jonathan Di John

From Windfall to Curse?: Oil and Industrialization in Venezuela, 1920 to the Present
From Windfall to Curse?: Oil and Industrialization in V...

Kobo ebook|Oct 26 2009

$33.19 online$42.99list price(save 22%)
Format:PaperbackDimensions:360 pages, 9 × 6 × 0.8 inPublished:June 28, 2010Publisher:Penn State University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0271035544

ISBN - 13:9780271035543

Customer Reviews of From Windfall to Curse?: Oil and Industrialization in Venezuela, 1920 to the Present

Reviews

Extra Content

Table of Contents

Contents

Preface and Acknowledgments

List of Abbreviations

Part One: Introduction

1 Accounting for Growth and Decline in Venezuela, 1920–2005

2 Trends and Cycles in the Venezuelan Economy, 1920–2005

Part Two: A Critical Survey of the “Resource Curse” Literature

3 Economic Explanations of the Growth Collapse in Venezuela, 1973–2005

4 Political Economy Explanations of the Growth Collapse in Venezuela

5 Economic Liberalization, Political Instability, and State Capacity in Venezuela, 1989–1998

Part Three: An Alternative Political Economy of Venezuelan Growth and Decline, 1920–2005

6 Toward a New Political Economy of Late Industrialization

7 Periodization of Industrialization Stages and Strategies in Venezuela, 1920–2005

8 The Structure of and Changes in Political Settlements in Venezuela, 1920–2005

9 A New View on the Political Economy of Growth in Venezuela, 1920–2005

Part Four: Beyond the Venezuelan Case

10 The Political Economy of Growth in Malaysia and Venezuela

11 Conclusion: Rethinking the Political Economy of Growth

References

Index

Editorial Reviews

“This is a timely, well-written, clear, and rigorous book that will likely become a model for scholars studying the political economy of oil-exporting countries plagued by problems of poverty and political instability. Additionally, it may help to shed light on a number of problems by providing answers to some of Venezuela’s economic and foreign policy difficulties, and to the destabilizing internal threats faced by Middle Eastern oil-producing countries.”—Marcelo Bucheli, Business History Review