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The failure of social spending supported by oil to improve economic conditions and the standard of living- the case of Venezuela and Iran
06/09/2014
A critical factor in this situation is the failure to integrate into the world economy. Under these conditions for Iran sanctions for a nuclear program and support for Syria's regime creates a sort of "pariah" status, and for Venezuela the rhetoric and state control have led to a similar situation. Because technological inputs and foreign capital and knowhow are critical for development, policies of this kind can do long term damage to the economy and reduce standards of living. Both countries have failed to invest in basic refining capacity. At the other side is Nigeria which has also failed to invest in refining capacity. In Nigeria rampant corruption eats away at the core. All three countries are oil producing countries with crumbling infrastructure and failure of the state to provide the right direction to stimulate growth.
Grouped Articles
Venezuela Pays Price for Smuggling
Wall Street Journal 06.09.2014
Oil, Auto Companies Make Plans to Invest in Iran if Sanctions Ease
Wall Street Journal 07.02.2014
Venezuela's Auto Industry in a Free Fall
Wall Street Journal 07.22.2014
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10.15.2014
Iran poised to choose poverty over nuclear disarmament - The Washington Post
Washington Post 11.01.2014
Fall in Oil Prices Threatens Africa’s Economic Growth
Wall Street Journal 12.12.2014
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01.23.2015
In Chávez, Maduro Trusts, Maybe to His Detriment and Venezuela’s
New York Times 03.09.2015
Few in Venezuela Want Bolívars, but No One Can Spare a Dime
New York Times 10.18.2015
U.S. Investigates Venezuelan Oil Giant
Wall Street Journal 10.22.2015
Venezuelan Opposition Wins Congressional Midterm Elections
Wall Street Journal 12.07.2015
In Tehran, Iranians Play Down Milestone
New York Times 01.16.2016
A revitalized voice for the Americas - The Washington Post
Washington Post 01.25.2016
Venezuela’s Collapse Brings ‘Savage Suffering’
Wall Street Journal 02.15.2016
How Does Populism Turn Authoritarian? Venezuela Is a Case in Point
The New York Times 04.01.2017
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