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The Rise of OPEC w/ Giuliano Garavini

The Dig

CHAPTER

The First Democratic Government of Venezuela

In 1948, there is the first democratic elected government in Venezuela. The new regulation established a 50-50 profit split between oil companies and Venezuelans. This was very favorable to the companies because basically it set a roof over the amount of rent that the government and state could collect. It was like a wedding between the Venezuelan state and foreign capitalist companies.

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