Venezuela’s Prospects for Sustainable Development

Headlines over the past several years have starkly shown Venezuela as the tragic archetype of how natural resource wealth can incentivize inefficiencies in economic outcomes and kleptocratic governance. Yet despite the despair that the country has endured in the recent past, there is immense “phoenix potential” which the country holds, given a range of underlying strengths of human and physical capital. I had a rare opportunity to visit Venezuela in early January of this year and was pleasantly surprised to find a resilient group of entrepreneurs and academics who are defying the allure to move abroad and instead rebuilding their country. In particular, there was a growing recognition that the country’s oil wealth (estimated to still contain the world’s largest proven reserve of crude oil) needed to be used towards a more sustainable transition to a greener economy. By Saleem H. Ali. Full Text -> Forbes

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