
The Rise of OPEC w/ Giuliano Garavini
The Dig
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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