Great comparisons OW.
Indeed, the former pdvsa corporate elite were more concerned about increasing production to undercut developing nations and/or nations where the oil resources are in abundance.
But once they pass the point of easy to get, cheap oil, the rest of the senerio is down-hill for producing nations.
Far better to produce 2.5 million bpd at $40.00 return pb, than it is to produce 7 mill. bpd at $17.96 per barrell. (This is factoring in the penalty for Ven. oil being on average heavier).
Oil is a finite resource and the price will eventually hit over $100.00 per barrell given the present US neocolonial policies.
Yes, the Venezuelan elite's thinking is entirely suffused with the short-term, vedepatria thinking of the classic comprador, whose function is to facilitate cheap access to labor and resources by wealthy nations.
Thank God that Chavez has the foresight to put a great emphasis on investing in the Venezuelan people, the domestic economy, and building infrastructure. Otherwise Venezuela will forever be mired in poverty.
The elites can always escape to Miami if things get too bad.
The opposition cannot escape the debilitating comprador thinking--as it has been inscribed in their world view for decades. It is up to the majority of the Bolivarian REpublic's people to take back control of their collective destiny. Imperial greed is limitless--the path of poverty and death.
Agreed. To show what self-centered sell outs they were here is an interesting little factoid. When Iraq invaded Kuwait in 1990 and the price of oil spiked did Perez (who was president at the time) and PDVSA sit back and reap the windfall. Nope. They immediately notified the US they would bust their OPEC quota and flat at produce as much as possible to bring prices down - which they did. It really says something when the president of a country carries out policies that go against that countries own interests.
BTW, I wonder if anyone has ever done a study on how much of the wealth - bank accounts, real estate, commercial sales - comes from money stolen from Latin America. Venezuela alone is supposed to have 70+ billon outside the country.
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The Korea discussion has been interesting, but blind focus on Korea (and Taiwan) ignores other growth stories and episodes.
http://profile.imageshack.us/use...#253/
gdpxd8.png
[this is an experiment of hosting files so it may not work]
this is a graph of GDP growth in a bunch of countries from 50-04. All countries were developing countries by todays standards in 1950.
Venezuela is a sad growth story (it was actually the richest country in 1950 and is by far the poorest today), but this is well known and the table illustrates it vividly.
It also illustrates how well Korea has done.
...we can ask lots of growth questions:
why did Chile grow so much faster than Venezuela from 1990 to 2004?
why did Greece, Spain and Portugal grow so much faster than Venezuela? These countries only pasted Venezuela in 1970, 1965 and 1980 respectively. All are much richer today. Why has growth accelerated significantly in all these countries in the past decades?
Don't want to use Venezuela? Argentina and Uruguay have very similar growth paths as Venezuela.
how did Korea catch all these countries? Why did Korea grow faster than Chile?
Commenting by HaloScan
