Oil Rent Appropriation, Capital Accumulation, and Social Expenditure in Venezuela during Chavism

Differential and absolute ground rent as extraordinary profit that remains permanent due to private ownership of non-reproducible conditions of production (Marx 2000) may be disputed by different classes and fractions of classes. The history of Venezuela can be analyzed as the history of this disput...

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Bibliographic Details
Published in:The World Review of Political Economy 2015-04, Vol.6 (1), p.58-74
Main Author: Kornblihtt, Juan
Format: Article
Language:English
Subjects:
Accumulation
Appropriation
Appropriations
Capital accumulation
Capital expenditures
Capitalism
Economic history
Economic rent
Expenditures
Exports
Foreign exchange rates
GDP
Gross Domestic Product
Industrial development
Industrial sectors
Manufacturing
Overpopulation
Petroleum
Petroleum industry
Prices
Productivity
Profitability
Profits
Rents
Social Class
Standard of Living
Studies
Venezuela
Working Class
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Summary:Differential and absolute ground rent as extraordinary profit that remains permanent due to private ownership of non-reproducible conditions of production (Marx 2000) may be disputed by different classes and fractions of classes. The history of Venezuela can be analyzed as the history of this dispute over oil rent, mediated by the State. In this article, we will first study the amount of oil rent and the different ways by which it is appropriated, and second, its impact on capital accumulation of the industrial and non-oil sector as a whole. Last, we will analyze the particularities of oil rent distribution under the Chavist government compared to this distribution under former governments and its impact on the working class's standard of living.
ISSN:2042-891X
2042-8928
DOI:10.13169/worlrevipoliecon.6.1.0058