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.
Featuring Giuliano Garavini on his book The Rise and Fall of OPEC in the Twentieth Century. The first of a two-part series on the 20th-century history of petrostates, petrocapitalists, and the world system.
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