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

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  • 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
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    References listed on IDEAS

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    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.
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    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

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