Crisis in Venezuela, or the Bolivarian Dilemma: To Revolutionize or to Perish? A Kaleckian Interpretation

Roberto Lampa

Review of Radical Political Economics, 2017, vol. 49, issue 2, 198-218

Abstract: This paper investigates the evolution of Venezuela’s political and economic scenario over the last 15 years. I explore in depth both the achievements and the unsolved problems of the Venezuelan demand-led growth model. Recalling Kalecki’s analysis of underdevelopment, I highlight Venezuela’s problems that depend on the constraining role played by the existing institutions. I conclude that the real challenge consists of a deep institutional change, possibly along the lines portrayed in the 2007 constitutional referendum.

Keywords: Chavism; crisis; Kalecki; development economics; socialist theory (search for similar items in EconPapers)
JEL-codes: H12 O11 P21 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:49:y:2017:i:2:p:198-218

DOI: 10.1177/0486613415623259

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