Petrostatism vs. Oil Exceptionalism: Venezuela and Beyond
“The key to sustainable resource development is private property rights to the subsoil, not monopoly government deciding what public projects to undertake. The history of government and petroleum is clear on this.”
In a Council on Foreign Relations study, “Venezuela: The Rise and Fall of a Petrostate” (2024), authors Diana Roy and Amelia Cheatham wrote:
Venezuela’s ongoing descent into economic and political chaos is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.
Calling Guillermo Yeatts and his case for privatizing the subsoil for mass wealth creation and democratization! But the authors work within the socialist, nationalist paradigm. Their Summary follows (verbatim):
- Venezuela is an example of a petrostate, where the government is highly dependent on fossil fuel income, power is concentrated, and corruption is widespread.
…
The post Petrostatism vs. Oil Exceptionalism: Venezuela and Beyond appeared first on Master Resource.
Source: https://www.masterresource.org/privatization/venezuela-petro-statism/
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