Since he was first elected in 1999, Venezuelan President Hugo Ch?vez Frias has reshaped a frail but nonetheless pluralistic democracy into a semi-authoritarian regime—an outcome achieved with spectacularly high oil income and widespread electoral support. This eye-opening book illuminates one of the most sweeping and unexpected political transformations in contemporary Latin America. Based on more than fifteen years’ experience in researching and writing about Venezuela, Javier Corrales and Michael Penfold have crafted a comprehensive account of how the Ch?vez regime has revamped the nation, with a particular focus on its political transformation. Throughout, they take issue with conventional explanations. First, they argue persuasively that liberal democracy as an institution was not to blame for the rise of chavismo. Second, they assert that the nation's economic ailments were not caused by neoliberalism. Instead they blame other factors, including a dependence on oil, which caused macroeconomic volatility; political party fragmentation, which triggered infighting; government mismanagement of the banking crisis, which led to more centralization of power; and the Asian crisis of 1997, which devastated Venezuela's economy at the same time that Ch?vez ran for president. It is perhaps on the role of oil that the authors take greatest issue with prevailing opinion. They do not dispute that dependence on oil can generate political and economic distortions—the “resource curse” or “paradox of plenty” arguments—but they counter that oil alone fails to explain Ch?vez’s rise. Instead they single out a weak framework of checks and balances that allowed the executive branch to extract oil rents and distribute them to the populace. The real culprit behind Ch?vez’s success, they write, was the asymmetry of political power.

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Dragon in the Tropics: Hugo Chavez and the Political Economy of Revolution in Venezuela (Brookings Latin America Initiative)

Javier Corrales, Javier Corrales, Michael Penfold

Corrales, Javier.,Penfold-Becerra, Michael.

Corrales, Javier, Penfold, Michael

Acrobat 9.0.0

The Latin America initiative at Brookings, Washington, D.C, ©2011

Brookings Latin America Initiative book, Washington, D.C, ©2011

Rowman & Littlefield Publishing, Washington, D.C., 2011

Washington, D.C, District of Columbia, 2011

United States, United States of America

Washington, D.C, United States, 2011

2011 12 30

lg768812

producers:
Adobe PDF Library 9.0

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Includes bibliographical references (p. 163-179) and index.

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Since he was first elected in 1999, Venezuelan President Hugo Chávez Frías has reshaped a frail but nonetheless pluralistic democracy into a semi-authoritarian regime—an outcome achieved with spectacularly high oil income and widespread electoral support. This eye-opening book illuminates one of the most sweeping and unexpected political transformations in contemporary Latin America.Based on more than fifteen years'experience in researching and writing about Venezuela, Javier Corrales and Michael Penfold have crafted a comprehensive account of how the Chávez regime has revamped the nation, with a particular focus on its political transformation. Throughout, they take issue with conventional explanations. First, they argue persuasively that liberal democracy as an institution was not to blame for the rise of chavismo. Second, they assert that the nation's economic ailments were not caused by neoliberalism. Instead they blame other factors, including a dependence on oil, which caused macroeconomic volatility; political party fragmentation, which triggered infighting; government mismanagement of the banking crisis, which led to more centralization of power; and the Asian crisis of 1997, which devastated Venezuela's economy at the same time that Chávez ran for president.It is perhaps on the role of oil that the authors take greatest issue with prevailing opinion. They do not dispute that dependence on oil can generate political and economic distortions—the'resource curse'or'paradox of plenty'arguments—but they counter that oil alone fails to explain Chávez's rise. Instead they single out a weak framework of checks and balances that allowed the executive branch to extract oil rents and distribute them to the populace. The real culprit behind Chávez's success, they write, was the asymmetry of political power.

A Study Of The Venezuelan Revolution Headed By Hugo Chávez, First Elected President In 1999, With Emphasis On How Chávez Took A Frail But Still Pluralistic Democracy And Turned It Into A Semi-authoritarian Regime, Achieving Political Transformation At Great Cost To The Country's Institutions, Including Its Oil Industry--provided By Publisher. Introduction : The Chávez Revolution In Perspective -- Power Grabbing And The Rise Of A Hybrid Regime In Venezuela, 1999-2009 -- Economic Policy And The Oil Honey Pot -- Institutional Resource Curse : Seizing Political Control Of Pdvsa -- Venezuela's New Foreign Policy : Soft-balancing And Social Power Diplomacy -- Hybrid Regimes And Populism In Venezuela And Beyond. Javier Corrales, Michael Penfold. At Head Of Title: A Brookings Latin America Initiative Book. Includes Bibliographical References (p.163-179) And Index.

Copyright Information
......Page 5
Table of Contents
......Page 8
Acknowledgments
......Page 10
Introduction: The Chavez Revolution in Perspective
......Page 12
Power Grabbing and the Rise of a Hybrid Regime in Venezuela, 1999-2009
......Page 25
Economic Policy and the Oil Honey Pot
......Page 58
Institutional Resource Curse: Seizing Political Control of PDVSA
......Page 82
Venezuela's New Foreign Policy: Soft-Balancing and Social-Power Diplomacy
......Page 109
Conclusion: Hybrid Regimes and Populism in Venezuela and Beyond
......Page 148
Notes
......Page 174
Index
......Page 192
Back Cover
......Page 209

Copyright Information
5
Table of Contents
8
Acknowledgments
10
Introduction: The Chavez Revolution in Perspective
12
Power Grabbing and the Rise of a Hybrid Regime in Venezuela, 1999-2009
25
Economic Policy and the Oil Honey Pot
58
Institutional Resource Curse: Seizing Political Control of PDVSA
82
Venezuela's New Foreign Policy: Soft-Balancing and Social-Power Diplomacy
109
Conclusion: Hybrid Regimes and Populism in Venezuela and Beyond
148
Notes
174
Index
192
Back Cover
209
9780815704973
Brookings Institution Press

Introduction : new lessons from the Chavez revolution
Power grabbing in democracy and the rise of a hybrid regime in Venezuela
Economic policy and the oil honey pot
Institutional resource curse : seizing political control of PDVSA
Soft-balancing and social power diplomacy : Venezuela's new foreign policy and its contradictions
Conclusion : hybrid regimes and populism in Venezuela and beyond.

Since he was first elected in 1999, Venezuelan President Hugo Chavez Frias has reshaped a frail but nonetheless pluralistic democracy into a semi-authoritarian regime --an outcome achieved with spectacularly high oil income and widespread electoral support.

2012-02-04