IDEAS home Printed from https://ideas.repec.org/a/sae/reorpe/v49y2017i2p198-218.html
   My bibliography  Save this article

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

Author

Listed:
  • Roberto Lampa

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.

Suggested Citation

  • Roberto Lampa, 2017. "Crisis in Venezuela, or the Bolivarian Dilemma: To Revolutionize or to Perish? A Kaleckian Interpretation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(2), pages 198-218, June.
  • Handle: RePEc:sae:reorpe:v:49:y:2017:i:2:p:198-218
    DOI: 10.1177/0486613415623259
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0486613415623259
    Download Restriction: no

    File URL: https://libkey.io/10.1177/0486613415623259?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Paulo Nakatani & Rémy Herrera, 2008. "Structural Changes and Planning of the Economy in Revolutionary Venezuela," Review of Radical Political Economics, Union for Radical Political Economics, vol. 40(3), pages 292-299, September.
    2. Özgür Orhangazi, 2014. "Contours of Alternative Policy Making in Venezuela," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(2), pages 221-240, June.
    3. Oskar Lange, 1937. "On the Economic Theory of Socialism: Part Two," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(2), pages 123-142.
    4. O. Lange, 1945. "The Scope and Method of Economics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 19-32.
    5. Julio López & Armando Sanchez & Aris Spanos, 2011. "Macroeconomic Linkages In Mexico," Metroeconomica, Wiley Blackwell, vol. 62(2), pages 356-385, May.
    6. Barry Cannon, 2008. "Class/Race Polarisation in Venezuela and the Electoral Success of Hugo Chávez: a break with the past or the song remains the same?," Third World Quarterly, Taylor & Francis Journals, vol. 29(4), pages 731-748.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. He, Yong, 2018. "Can the visible and invisible hands coexist in land pricing?," MPRA Paper 88770, University Library of Munich, Germany.
    2. Vahabi, Mehrdad, 2012. "A Note on Backhouse and Medema: On Walras’ Contribution to the Definition of Economics," MPRA Paper 42673, University Library of Munich, Germany.
    3. Jeffrey B. Nugent, 1967. "Methodology in Economics: Some Implications of Pessimism and Some Suggested Alternatives," The American Economist, Sage Publications, vol. 11(2), pages 49-55, October.
    4. Massimo Cingolani, 2015. "Sylos Labini su Marx: implicazioni per la politica economica (Sylos Labini on Marx: economic policy implications)," Moneta e Credito, Economia civile, vol. 68(269), pages 81-147.
    5. ., 2013. "The role of competition and diversity in economic performance: an overview," Chapters, in: Competition, Diversity and Economic Performance, chapter 1, pages 1-19, Edward Elgar Publishing.
    6. Baki Güney Işıkara, 2021. "The Weight of Essentials in Economic Activity," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(1), pages 95-115, March.
    7. Luis Garicano & Luis Rayo, 2016. "Why Organizations Fail: Models and Cases," Journal of Economic Literature, American Economic Association, vol. 54(1), pages 137-192, March.
    8. Jérôme Lallement & Amanar Akhabbar, 2011. "Appliquer la théorie économique de l'équilibre général : de Walras à Leontief," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00609684, HAL.
    9. Carlos A. Ibarra, 2013. "Capital Flows and Private Investment in Mexico," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(3, Cierre), pages 65-99.
    10. Àlex Arenas & Antonio Cabrales & Leon Danon & Albert Díaz-Guilera & Roger Guimerà & Fernando Vega-Redondo, 2010. "Optimal information transmission in organizations: search and congestion," Review of Economic Design, Springer;Society for Economic Design, vol. 14(1), pages 75-93, March.
    11. Dalibor Roháč, 2013. "What Are the Lessons from Post-Communist Transitions?," Economic Affairs, Wiley Blackwell, vol. 33(1), pages 65-77, February.
    12. Antonella Rancan, 2020. "Modigliani tra economia keynesiana ed economia socialista (Modigliani between Keynesian and socialist economics)," Moneta e Credito, Economia civile, vol. 73(291), pages 261-276.
    13. Keun Lee & Hong Yong Lee, 1992. "States, Markets and Economic Development in East Asian Capitalism and Socialism," Development Policy Review, Overseas Development Institute, vol. 10(2), pages 107-130, June.
    14. Lambert, Karras J. & Fegley, Tate & Candela, Rosolino & Boettke, Peter & Phelan, Steven E. & Wenzel, Nikolai G. & Dapprich, J. Philipp, 2023. "Reply and counter-reply: On cybersocialism," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 300-310.
    15. Jean-Sébastien Lenfant & Jérôme Lallement, 2004. "L'équilibre général comme savoir : de Walras à nos jours," Working Papers hal-01765036, HAL.
    16. Haiwen Zhou, 2011. "Economic Systems and Economic Growth," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 39(3), pages 217-229, September.
    17. Hubert Gabrisch, 2020. "Elements, origins and future of Great Transformations: Eastern Europe and global capitalism," The Economic and Labour Relations Review, , vol. 31(2), pages 172-190, June.
    18. Tomáš Otáhal, 2008. "Teorie podnikatelského objevování [Theory of entrepreneurial discovery]," Politická ekonomie, Prague University of Economics and Business, vol. 2008(5), pages 669-683.
    19. Goulven Rubin, 2011. "Oskar Lange and the influence of Walrasian theory during the Keynesian revolution," Working Papers halshs-00817758, HAL.
    20. Emilio Carnevali & André Pedersen Ystehede, 2023. "Is socialism back? A review of contemporary economic literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 239-270, April.

    More about this item

    Keywords

    Chavism; crisis; Kalecki; development economics; socialist theory;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:reorpe:v:49:y:2017:i:2:p:198-218. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: http://www.urpe.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.