Search Engine The Venezuelan Curse (Part 1)
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Jan 16, 2026 
Alejandro Velasco, a historian of modern Venezuela and associate professor at NYU, explores the complexities of his homeland. He discusses how oil has shaped Venezuela's political landscape and societal dynamics. Velasco delves into the rise of Chavismo and its impact on democracy, detailing key events like the Caracazo massacre and the 2002 coup. He shares personal stories of emigration and the challenges faced by families due to ongoing crises, providing a powerful lens on a nation rich in resources yet fraught with governance issues.
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Oil Shapes National Imagination
- Oil creates a cycle of illusion and amnesia that shapes Venezuela's politics and culture.
- Boom-era projects become visible reminders of past failures that people collectively forget to imagine new futures.
Democracy Shortens The Spending Horizon
- Democratic leaders face short political time horizons that incentivize flashy spending during booms.
- That spending ties countries to volatile oil markets and deepens instability during busts.
Petrostate Encourages Import Dependency
- Petrostate dynamics create perverse incentives to import rather than build domestic industry.
- Cheap dollars in booms deepen import dependence and leave no replacement when prices fall.
