March 6, 2013

Chavez's Legacy: Curse of Oil Dependency

Paul Roderick Gregory, Forbes

AP Photo

Chavez leaves behind a Venezuela that serves as a prime example of the soft-dictator's oil curse. Chavez milked the state-owned energy company, PDVSA, to bankroll his populist policies and to subsidize foreign allies, such as Cuba. Before parting on his final trip for medical care in Cuba, Chavez named his non-charismatic Nicolas Maduro as his successor. Chavez's Chavismo combined his personal charisma with populism back by political repression. It is unclear whether Chavismo can survive without a charismatic leader.

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TAGGED: Venezuela, Hugo Chavez

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