The Magical State, Chapter One

Venezuela, since the 19 sixties, had been developing sovereignty by economic independence. The keys of this project was an attempt to use the power of the state in due oil rents to develop an automotive industry. In 19 75, v Venezuela's assembly passed a law that granted the president special powers to speed up the development of the auto industry. This plan is what's called industrial import substitution. Developing countries would try to produce cars for internal consumption instead of importing them from other countries.