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51. REGIME EFFECTIVENESS AND DEMOCRACY PROTECTION: THE RESPONSES OF MERCOSUR TO THE IMPEACHMENT PROCESSES IN PARAGUAY AND BRAZIL

Author:
Alexandre San Martim Portes
Publication Date:
04-2017
Content Type:
Journal Article
Journal:
Conjuntura Austral: Journal of the Global South
Institution:
Conjuntura Austral: Journal of the Global South
Abstract:
Democratization and regional integration are phenomena relatively new in South America. After decades of authoritarian regimes, new democratic orders and globalization brought the necessity of looking for partnership in the neighborhood. The Common Market of the South, or in the Spanish acronym Mercosur, was created in 1991, as an attempt to bring the countries in the region not only economically but also politically closer. Although initially a project lead by Brazil and Argentina, Mercosur has today threemore members: Paraguay, Uruguay, and Venezuela. Bolivia is in the process of integration and Chile, Peru, Colombia, Ecuador, Guyana and Surinam are associate members (MERCOSUR, 2017).
Topic:
Economics, International Political Economy, and Common Market
Political Geography:
Brazil, Argentina, South America, Uruguay, Latin America, Venezuela, and Paraguay

52. Amérique latine - L’année politique 2016

Author:
Maya Collombon, Jacinto Cuvi, Olivier Dabène, Gaspard Estrada, Antoine Faure, Erica Guevara, Damien Larrouqué, Frédéric Louault, Antoine Maillet, Frédéric Massé, Kevin Parthenay, Eduardo Rios, and Darío Rodriguez
Publication Date:
01-2017
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
Amérique latine - L’Année politique is a publication by CERI-Sciences Po’s Political Observatory of Latin America and the Caribbean (OPALC). The study extends the work presented on the Observatory’s website (www.sciencespo.fr/opalc) by offering tools for understanding a continent that is in the grip of deep transformations.
Topic:
Economics, History, Sociology, State Violence, and Political Science
Political Geography:
Brazil, Argentina, Colombia, Latin America, Nicaragua, Caribbean, Venezuela, Mexico, Chile, and Ecuador

53. Venezuela: A Situation Report

Author:
Patrick D. Duddy
Publication Date:
12-2017
Content Type:
Journal Article
Journal:
American Diplomacy
Institution:
American Diplomacy
Abstract:
Venezuela remains in crisis. Popular support for the so-called Bolivarian revolution and its socio-economic model known as twenty-first century socialism has eroded dramatically. Polling suggests there is a near consensus among Venezuelans that conditions are bad and that the country is headed in the wrong direction but support for the opposition has also declined in recent months. International criticism of the Maduro regime is widespread. Countries representing over 90% of the region’s population have publicly called on the Venezuelan government to restore democracy. The economy is near collapse and both the country and the national oil company have been declared by various rating agencies and financial institutions to be in selective default. In response the Venezuelan government has looked ever more earnestly to China and Russia to bail them out. Recent assistance from Russia in particular has helped prevent a complete default but not improved circumstances inside the country,
Topic:
Oil, Politics, Natural Resources, Sanctions, Elections, and Democracy
Political Geography:
South America and Venezuela

54. Authoritarian Backlash: A Comparison of Turkey & Venezuela

Author:
Robert Pearson
Publication Date:
10-2017
Content Type:
Journal Article
Journal:
American Diplomacy
Institution:
American Diplomacy
Abstract:
“Happy families are all alike; every unhappy family is unhappy in its own way.” This famous opening line from Leo Tolstoy’s Anna Karenina is important also for democracies. While Turkey and Venezuela are each unhappy in their own way, they also may share some common elements in their struggles for democracy that provide lessons.
Topic:
Diplomacy, Authoritarianism, Elections, Democracy, and Economy
Political Geography:
Turkey, Middle East, South America, Venezuela, and United States of America

55. Revisiting the Issue of Democratic Deterioration in Venezuela, 1974–1998

Author:
Anibal F. Gauna
Publication Date:
01-2017
Content Type:
Journal Article
Institution:
German Institute of Global and Area Studies
Abstract:
This article examines the issue of democratic deterioration by revisiting the Venezuelan case (1974–1998). Using sequence elaboration and alternative case-focused theories, it tests and confirms the hypothesis that presidential partyarchy was the main contextual explanatory factor behind the crisis that led to Venezuela’s democratic deterioration. Building on elite conflict theory, it also aims to integrate previous studies’ insights and better explain the timing of factors to illustrate how economic presidentialism (the highly autonomous executive control of a state-controlled economy) was the main mechanism leading to democratic deterioration.
Topic:
Economics, Authoritarianism, Democracy, and State-Owned Enterprises
Political Geography:
South America, Latin America, and Venezuela

56. The Culture of Political Instability and the Rapprochement of South America and United States

Author:
Henrique Carlos de Oliveira De Castro
Publication Date:
06-2016
Content Type:
Working Paper
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
The article deals with the recent foreign policy of the Andean countries, Venezuela, Ecuador and Bolivia, considering the relationship with the United States and the situation of political crises in these countries. We discuss the national context of each country and the consequences for external relations and international politics of each and of the region. We address United States interests in the effects of the current crisis in the three countries and highlight the importance of political culture for understanding reality.
Topic:
Foreign Policy, Diplomacy, Regional Cooperation, and Crisis Management
Political Geography:
United States, South America, Venezuela, North America, Ecuador, and Bolivia

57. Unasur in a Comparative Light: The Relations with Venezuela and Columbia

Author:
Fabio Luis Barbosa Dos Santos
Publication Date:
12-2016
Content Type:
Journal Article
Journal:
AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
This article analyses the relation of Venezuela and Colombia with Unasur since its creation in 2008, with the purpose of exploring the reach and the limits intrinsic to a regional institution that incorporated countries with different governments in its original moment.
Topic:
Diplomacy and Regional Cooperation
Political Geography:
Colombia, South America, and Venezuela

58. Development Banks and Regional Powers: An Analytical Framework

Author:
Stefano Palestini
Publication Date:
11-2016
Content Type:
Working Paper
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
Why do regional powers such as Brazil, South Africa, or Russia undertake different collective strategies to supply public goods in their regions of influence? When do those states prefer to delegate competences to existent multilateral financial institutions, such as regional development banks (RDBs), and when do they prefer to make use of their own national financial instruments? Why do those states create new RDBs that challenge the existing ones? The article builds and tests a set of hypotheses based on the interplay between capabilities and legitimacy to help answer these questions using contemporary South America as a case study. Through a process tracing analysis carried out for the period 2000–15, the article explains the different strategies undertaken by two states, Brazil and Venezuela, to supply infrastructure in the region, ranging from the use of the Brazilian National Development Bank to the creation of a new Bank of the South. It is suggested that the low capabilities and legitimacy expectations of both states explain the rising importance of external actors in the supply of regional public goods that we are currently witnessing in South America.
Topic:
Development, Regional Cooperation, Banks, Regionalism, and Financial Institutions
Political Geography:
Brazil, South America, Venezuela, and Global South

59. Weathering Collapse: An Assessment of the Financial and Operational Situation of the Venezuelan Oil Industry

Author:
Roberto Hernández Hernández and Francisco J. Monaldi
Publication Date:
11-2016
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
Venezuela has one of the most abundant geological endowments in the world. Oil proven reserves are among the largest globally, even if a more conservative criterion than the one used by the current government is applied. However, these resources are qualitatively different than those of other abundant regions such as the Middle East. The large majority constitutes extra-heavy oil, which generally requires higher oil prices to be extracted profitably. During the last decade, the Venezuelan oil industry wasted a unique opportunity to increase investment and production. At the high oil prices that prevailed, the massive oil reserves could have been monetized by rapidly increasing production with a large margin of profitability. Quite to the contrary, production steadily dropped due either to lack of investment in the new unconventional oil projects or for failing to compensate the decline of the older conventional fields. It is a tragic story of great potential with dismal performance. A series of trends were negatively impacting the Venezuelan oil industry even before the oil price collapse in 2014. From the revenue side, although oil prices showed an increase in real terms of 120% between 2000 and 2014, the barrels that effectively generate cash for Venezuela have shown a continuous decline. This is not just because production has been declining for the most part during the last eighteen years (a trend that has gotten significantly worse during the last year), but also because of a number of developments. First, during that period, total exports have declined more rapidly than production, and recently, net exports have declined more than total exports. Consumption in the massively subsidized domestic market increased until 2013 (when it started to decline likely because of the recession in the local economy), while imports of oil products for the domestic market have increased since 2012. The domestic market not only generates negative cash-flow for the national oil company (NOC), PDVSA, but also its expansion reduced the barrels available to export. More recently, there has also been an increase in imports of light oil and naphtha as diluents for the extra-heavy oil. Second, the Venezuelan production basket has become heavier and the share of unconventional production, generally less profitable, has increased. Third, the production wholly operated by PDVSA has been falling much more rapidly, while the production share of joint-ventures increased. Fourth, a significant share of the exports to Latin America and the Caribbean is subsidized (although these exports have declined recently). Fifth, some oil exports are committed to repay debts of PDVSA and specially the Venezuelan government, limiting the actual cash flow received by the company. In particular, the government’s debt agreements with China involve a significant and increasing amount of production, although recently those agreements were restructured, allowing for a grace period with no capital amortization. From the expenditure side, PDVSA was increasingly responsible of carrying social expenditures and activities not related to the oil industry, which limited the resources for highly profitable investments. That is in addition to the increased fiscal take due to changes in the tax legislation. Also, higher investment requirements due to an increase in the equity share of PDVSA in joint venture projects, has had an impact on its cash flow. The explanations for the underperformance of the Venezuelan oil industry basically fall into two connected categories: the multiple problems facing PDVSA; and the increase in above-ground risks for foreign investors operating in the country. The deterioration of the institutional framework, led to radical fiscal and regulatory changes, and to the nationalization of the majority of the industry. In addition, the substantial over-extraction of resources from the NOC, the significant macroeconomic distortions affecting the cost structure of oil companies, and the constraints imposed by the energy infrastructure and human capital availability; have combined to produce dismal results. The massive firing of the majority of the management and technical experts from PDVSA in 2003 following the political conflict that led to a strike, has left the company with limited capabilities to operate effectively. The recent decline in oil prices, and the changes in the international market structure, have exposed more dramatically the difficulties facing the Venezuelan oil sector, and call into question its ability to prevent a continuation of the declining trend in oil extraction. This situation becomes particularly severe if we take into account the cash flow constraints facing PDVSA, as well as its multiple operational problems, power cuts, and conflicts with oilfield services providers. These challenges are proportional to the enormous investments required to finance the projects in the Orinoco Oil Belt, where most of the reserves in Venezuela are located, and where the quality of the crude and the lack of development of the region, are just two of the many issues that need to be addressed. Since this paper is part of a wider project to understand the macroeconomic challenges facing the country in 2016-17, it focuses narrowly on the financial problems of the oil industry in the short-term and the operational challenges that could impede its recovery in the next couple of years. Within this context, it largely analyzes the upstream operations, i.e. oil extraction, rather than the downstream, given that in the former is where the oil rents are generated and constitutes the main source of foreign exchange and fiscal revenues of Venezuela. Other areas for further research are mentioned at the end of the document.2 Official figures are used to the extent that they are publicly available. An important aspect that prevents an exhaustive evaluation of the oil sector in Venezuela is the lack of available information regarding key performance indicators affecting the cost structure of oil projects, the cash flow of PDVSA, and the fiscal contributions of the oil sector to the government, among other important variables. Thus, on occasion, estimations for variables of interest and explanations for their divergence from official figures are provided. The paper has two main sections. The first one analyzes the issues affecting the cash flow of PDVSA, the effects of macroeconomic and fiscal variables on both revenues and costs, as well as other financial issues affecting the performance of the company. The second section discusses some of the operational challenges facing the industry and mentions areas for further research. 2 For a more general overview of the recent developments of the oil sector in Venezuela see Monaldi (2015)
Topic:
Economics, International Trade and Finance, Oil, and Natural Resources
Political Geography:
South America and Venezuela

60. Strategic Insights: Guyana-Venezuela: The Essequibo Region Dispute

Author:
Dr. Jose de Arimateia da Cruz
Publication Date:
12-2015
Content Type:
Working Paper
Institution:
The Strategic Studies Institute of the U.S. Army War College
Abstract:
While the rest of the world is concerned about the refugee crisis in Europe, the conflict in Syria, and the potential contenders in the U.S. presidential elections of 2016, there is a brewing dispute between Guyana and Venezuela in Latin America. As a result of this diverted attention, there are few reports regarding the instability of an already fragile region. The dispute between the two nations centers on the lands west of the Essequibo River of Guyana. This stretch of land covers 40 percent of Guyana’s sovereign territory and, according to experts, is rich in gold, bauxite, diamonds, and other natural resources. The dispute over control of the Essequibo region was initially settled by international arbitration in 1899, awarding the Guyana Government the region. However, the Venezuelan Government has rejected the final decision granting Guyana the Essequibo region; and, since the 19th century, it has been laying claim to this vast mineral rich area, alleging that the decision was fraudulent and therefore null (see map of Guyana)
Topic:
Conflict Resolution, Natural Resources, Territorial Disputes, and Military Affairs
Political Geography:
Europe, Latin America, Venezuela, and Guyana