Political Institutions, Policymaking Processes, and Policy Outcomes in Venezuela

This case study of Venezuela`s democratic institution and policymaking processes is part of the broader regional project based on the theoretical framework developed by Spiller, Stein and Tommasi (2003). The framework focuses on the conditions that foster political cooperation among political actors to sustain inter-temporal policy commitments. The study shows that the political institutions that established Venezuela`s democracy in the 1960s were deliberately set up to generate a cooperative equilibrium with low stakes of power. Constitutionally weak presidents and strong centralized political parties characterized this institutional framework. Cooperation induced a relatively effective policymaking process and good policy outcomes. However, an oil boom and its aftermath, in the 1970s and 1980s, unraveled the cooperative framework and induced rapid economic decay. The political reforms implemented in the late 1980s to improve the democratic process, although in itself desirable, further weakened the party system and induced a highly uncooperative and volatile policymaking process. The recent political reforms, increasing the stakes of power, have stimulated a complete breakdown in cooperation and a highly polarized political system.

Code Red: Venezuela's Oil and Debt Crisis

The economic and humanitarian crisis in Venezuela took a turn for the worse in the second half of 2017. Declines in oil production and exports are accelerating. The government has fallen behind in debt payments, past the grace period in several cases. This report summarizes some key takeaways from an expert workshop convened by Columbia University’s Center on Global Energy Policy to appraise these alarming developments

The Rule of Law and Foreign Investment in Oil: Petroleum Nationalism in Latin America and Its Implications for Mexico

The development of the petroleum sector has been characterized by a succession of cycles of investment and expropriation that have been particularly pronounced in Latin America. This paper analyzes the causes of these cycles and the lessons that can be derived and applied during the implementation of the petroleum reform in Mexico. This paper is part of a Baker Institute Mexico Center research project examining the rule of law in Mexico (http://www.bakerinstitute.org/the-rule-of-law-and-mexicos-energy-reform/) and the challenges it poses to implementing the country's energy reform

The Impact of the Decline in Oil Prices on the Economics, Politics and Oil Industry of Venezuela

In this paper, the author weighs the difficulties facing Venezuela in light of its dependence on oil export revenues

Is Resource Nationalism Fading in Latin America? The Case of the Oil Industry

With the recent approval of Mexico’s energy reform and the current enthusiasm of South American governments to attract foreign investment in oil, one might be tempted to conclude that the tide of resource nationalism is receding in the region. Nevertheless, the cycles of investment and expropriation that have characterized the oil sector in Latin America are unlikely to go away

Apocalypse Now: Venezuela, Oil and Reconstruction

The outlook for the Venezuelan oil industry and the broader economic and political challenges facing the country are intrinsically linked. This report summarizes possible political and economic scenarios, as well as potential next steps for the country, discussed during a workshop convened by Columbia University's Center on Global Energy Policy

Political Institutions, Policymaking Processes, and Policy Outcomes in Venezuela

This case study of Venezuela's democratic institution and policymaking processes is part of the broader regional project based on the theoretical framework developed by Spiller, Stein and Tommasi (2003). The framework focuses on the conditions that foster political cooperation among political actors to sustain inter-temporal policy commitments. The study shows that the political institutions that established Venezuela's democracy in the 1960s were deliberately set up to generate a cooperative equilibrium with low stakes of power, resulting in a relatively effective policymaking process and good policy outcomes. However, an oil boom unraveled the cooperative framework and induced rapid economic decay. The political reforms implemented in the late 1980s to improve the democratic process further weakened the party system and induced a highly uncooperative and volatile policymaking process. The recent political reforms, increasing the stakes of power, have stimulated a complete breakdown in cooperation and a highly polarized political system.

How Democracy Works: Political Institutions, Actors and Arenas in Latin American Policymaking

Over the past 30 years, democratic freedoms and competitive electoral processes have taken hold as never before in Latin America. How Democracy Works takes a detailed look, from an institutional perspective, at each of the main actors on the policymaking stage in Latin America, emphasizing the extent to which institutions facilitate or hinder intertemporal political cooperation and compromise. It analyzes official political actors and arenas, as well as a number of societal actors, and explores the (formal) roles of these players, their incentives, capabilities, and the way in which they actually engage in the policymaking game. The conclusion: these political institutions and actors matter for policymaking in Latin America and leave an indelible imprint on the policy process and the resulting policies

El juego político en América Latina: ¿Cómo se deciden las políticas públicas?

¿Qué determina la capacidad de los países para diseñar, aprobar e implementar políticas públicas efectivas? Para abordar esta pregunta, este libro analiza el proceso de formulación de políticas en ocho países latinoamericanos en base a una metodología común con fundamentos en la teoría de juegos y el análisis institucional. Este análisis sistemático se concentra en estudiar tanto las instituciones políticas, y el funcionamiento de las instituciones y organizaciones políticas, como los resultados de las políticas. El resultado es un texto que se beneficia tanto de un detallado análisis sobre las complejidades del proceso de formulación de políticas en cada país por separado, como de un análisis interdisciplinario y comparativo de los procesos de formulación de políticas en la región.