Venezuela: Without Liberals, There Is No Liberalism

Hugo J. Faria and Leonor Filardo

Econ Journal Watch, 2015, vol. 12, issue 3, 375–399

Abstract: The Venezuelan economy evolved from a growth miracle (1920–1957) to a growth disaster (1960 to the present). This paper describes the institutional collapse behind this reversal of fortunes. To cast light on Venezuela’s U-turn we provide a brief historical account, and we discuss the role played by educational organizations, the media and culture, and political and entrepreneurial elites in the destruction of liberal institutions. We also describe the most prominent liberal reactions to the pervasive institutional decay endured by the country. Finally, a major lesson emerges from this case study: illiberal mindsets coupled with the absence of leadership bring dire consequences for the people’s standard of living.

Keywords: Liberalism; socialist-mercantilist alliance; exclusionary institutions (search for similar items in EconPapers)
JEL-codes: A2 B1 N16 O43 P5 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ejw:journl:v:12:y:2015:i:3:p:375-399

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