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Venezuela: Without Liberals, There Is No Liberalism

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  • Hugo J. Faria
  • Leonor Filardo

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.

Suggested Citation

  • Hugo J. Faria & Leonor Filardo, 2015. "Venezuela: Without Liberals, There Is No Liberalism," Econ Journal Watch, Econ Journal Watch, vol. 12(3), pages 375–399-3, September.
    • Handle: RePEc:ejw:journl:v:12:y:2015:i:3:p:375-399
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    References listed on IDEAS

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    More about this item

    Keywords

    Liberalism; socialist-mercantilist alliance; exclusionary institutions;
    All these keywords.

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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