Keywords
Venezuela; Oil; Petroleum; Mexico; Policy making; Development
Abstract
The puzzle of Venezuela's crisis is one that researchers often try to understand. How did one of the richest nations in the world become one of the poorest? Venezuela is nowadays seen as a country with political unrest, where people struggle to get by and with a corrupt government. However, this was not always the case. Throughout the 20th century Venezuela had remarkable economic stability. Having discovered the world's largest known oil reserves, the nation's economy quickly developed, and the country also became known for its long-standing democracy. After the election of Hugo Chavez in 1998, Venezuela began to decline economically, as the oil industry became stagnant and politically, as the government became authoritarian. For the past few decades, sanctions and inability from the government to save the industry have plunged the country into further crisis. This research study attempts to examine and understand the history of Venezuela and the policy choices made for the country to end up in an economic and humanitarian crisis. It does so by analyzing Venezuela’s case and comparing it with that of Mexico; to understand how political decisions can affect the path a country takes. It is argued that Venezuela's politicians chose to develop the oil industry at the expense of diversifying the nation’s industry, putting the interest of foreign oil companies before that of the country. Comparatively, Mexico’s revolution in the 1900s helped politicians nationalize their oil industry and maintain a hold over it. This study expands upon literature surrounding Venezuelan state building and the oil industry, as well as furthering the study of the effect oil has on nations and economic development. It also updates knowledge on both the Mexican and Venezuelan cases, as content for Venezuela specifically has become scarce.
Thesis Completion Year
2025
Thesis Completion Semester
Fall
Thesis Chair
Conroy, Annabelle
College
College of Sciences
Department
School of Politics, Security, and International Affairs
Thesis Discipline
Political Science
Language
English
Access Status
Open Access
Length of Campus Access
None
Campus Location
Orlando (Main) Campus
STARS Citation
Gimenez Valero, Camila, "Venezuela's and Mexico's Oil Industries: Policy Making Sets the Course" (2025). Honors Undergraduate Theses. 429.
https://stars.library.ucf.edu/hut2024/429
Included in
Comparative Politics Commons, Growth and Development Commons, Latin American Studies Commons, Political Economy Commons, Political Theory Commons
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