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Venezuelan Oil and Political Instability

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Venezuelan Oil and Political Instability Venezuelan Oil and Political Instability A Case Study of Venezuela and its Oil Dependency Gabriel V.Rindborg Sociologiska Institutionen Kandidatuppsats i sociologi, 15 h.p. Inriktning: Nationalekonomi och Sociologi Vt 2016 Handledare: Daniel Ritter Abstract The natural resource curse is a widely debated phenomenon usually proposing a connection between large extractive resource wealth and substandard economic performance. This paper concerns the connection between large extractive resource wealth and the potential for its effects on long term political stability. Using Venezuela as a case study, this paper delves into the political history of Venezuela, plagued by endemic political instability, and attempts to test the political aspect of the resource curse, analysing history with a focus on the oil industry. The conclusion is that there is a clear connection between oil price volatility and political instability, but only evident starting in the latter half of the 20th-century. Further research into specific regimes, eras, as well as comparative analyses between Venezuela and other states is required to provide additional answers in regard to specific causes for political instability in the early 20th-century and the pre-oil period. Keywords Natural resource curse, Venezuelan political history, political instability, oil price, extractive industries, historical sociology Table of Contents Introduction ............................................................................... 1 Purpose and Research Questions .............................................................1 Theory ...................................................................................... 2 The Resource Curse .................................................................................3 Agency and Regimes: Political Survival ....................................................5 Synthesis .................................................................................................6 Hypothesis ...............................................................................................6 Prior Research ............................................................................ 7 The Resource Curse and Venezuela ..........................................................7 The Resource Curse and Political Instability ............................................9 Method .................................................................................... 10 Venezuela: A History of Instability .............................................. 12 Colonial History and State Formation (1500–1810) ............................... 12 Bolivar and Political Instability the 19th Century (1810–1899) ............. 13 The Impact of Early Oil (1899–1948) ..................................................... 15 American Oil Interests (1948–1958) ..................................................... 18 Democracy, Dependency and Crisis (1958–1989) .................................. 20 Rock Bottom Prices (1989–1998) .......................................................... 23 Chávez’s Good Timing (1999–2013) ...................................................... 24 Return of Crisis: Maduro (2013–) .......................................................... 26 Conclusion ............................................................................... 28 Limitations and Further Research .......................................................... 31 References .............................................................................. 33 Introduction Theories on economic development have experienced major changes in the last century. Originally, much of the developing world saw itself start off with policies oriented towards the modernisation of their economies, often in an attempt to move away from an agricultural economy to one based on industry (Bigsten, 2010). Following shortcomings in this modernisation effort, dependency models were the new trend, based on an idealisation of national self-sufficiency tied into Marxist conceptions of exploitation by the more developed powers. The general conception was that national industrial growth could be achieved though import substitution (ISI). There are both examples of success and failure for these, such as in the case of Brazil achieving unprecedented economic growth in the late 60s and early 70s (Alston, et al., 2016). Eventually however, fiscal crisis across the globe following the oil crises of the 1970s led to a policy of economic liberalisation, willing or forced through via debt, and an opening up to the global market (Gunnarsson & Rojas, 2008). In similar fashion, the idea of resource wealth and its benefits have experienced a dramatic shift, from originally being presented as a blessing to a curse for the hosting countries; having been seen as a potential source of wealth from which to diversify and expand the economy, large concentrations of extractive resources are now seen as potential drivers of inflation and decreased human capital investment, the conclusion however is not that resource wealth has hampered growth, but rather failed to boost the economy (Ross, 2012, p. 221). Many explanations for the resource curse are very speculative in nature. The success and failure of policy is in many cases pinned to institutional factors, or key players (Mehlum, et al., 2006). Understanding of the political consequences and aspects of the resource curse is one currently lacking in historical sociological inroads and would benefit from a thorough case study. Purpose and Research Questions This necessity for more research is particularly compelling in the understanding of political discourse and stability of a state in relation to extractive industries. Often effects of the resource curse are measured in economic indexes, with political instability and corruption as side-effects of these but lacking in an analysis of the historical connection between the two. This essay constitutes a case study to fill the gap, and potentially inspire future inroads into a 1 wider sociological understanding of the political aspects of the resource curse thesis. The central research question is: Can political stability and instability be understood as a product of the resource curse? In the attempt to answer this question, this essay will take a closer look at the history of Venezuela, a country which sits on top of one of the world’s largest oil reserves and has an endemic history of political instability (Hammond, 2011; Heckel, et al., 2018). A number of transitions in political regimes have occurred in Venezuela following its independence from the Spanish Empire in 1811. The massive reliance on oil revenues and the subsequent inequalities and political struggle for control of the oil provides an exemplary case on which to analyse the relation between regime change and resource wealth. An additional research question specific to our case study is then: Does Venezuela’s economic dependency on petroleum explain its history of political instability? The approach of the essay will be on the one hand to analyse the sweeping aspects of Venezuelan history and economy, but on the other also the specific political history and development in an attempt to answer whether or not there is a significant political aspect of the resource curse at play in the historical political instability of the country. I will argue that the resource curse indeed provides ample explanation for recent developments in Venezuela, that is following the oil crises of the 1970s, but that this does not apply to the same extent to periods before this, and that there may be more long term and yet unexplored factors at play, particularly considering the instability in 19th century Venezuela, predating the oil discoveries. Theory The theoretical inroad of this essay consists primarily of the resource curse. Traditionally it is an approach made based on the economic performance of states. This case study will however focus on the less explored political consequences of resource dependency. To do so, an understanding of motives of leaders in their decision making is required in order to allow for a potential connection between resource extraction and political fallout. 2 The Resource Curse The discrepancy between the economic success of states, in terms of sustainable long term economic growth is one lively with debate. Traditionally the assumption has been that resource abundance, in terms of extractive mineral wealth including oil, is beneficial to economic development (Brooks & Kurtz, 2016). A quick look at the world shows otherwise however. Even though some states seem to benefit from large reserves of non-renewables, such as Norway, the same cannot be said for others. In fact, the evidence points towards the reverse: resource wealth correlating with diminished growth and development (Kim & Lee, 2018). Generally, the approach to this relationship, the resource curse, is one centred around economic growth. Comparing and contrasting states with a large resource wealth, or potential for it, has shown significant discrepancies between investment on human capital, healthcare, and growth. Chong-Sup Kim & Seungho Lee (2018) demonstrate for instance that, controlled for varying regimes (presidential versus parliamentary), a presidential regime in a resource abundant state experiences on average less annual growth than its counterpart in a less resource rich location. A critique of the overall resource curse approach tends to be that there is omitting of variables and misspecification
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