The politics of petroleum in Venezuela and the utility of dependency theory : a case study



Journal Title

Journal ISSN

Volume Title



The overall impact on relatively weak states by the economic and political power of stronger states has been interpreted in various ways. One perspective, referred to as Dependency Theory, perceives the relationships to be weighted in the overwhelming advantage of the stronger states. Since World War II, direct private investment and multinational corporations appear to have been important contributors to the disparities in the above mentioned relationships. If this perspective is correct, then it would appear to be substantiated in the case of a country which is dependent largely on a single commodity, e.g., Venezuela. This thesis briefly examines the relationship between the petroleum industry in Venezuela and the Venezuelan political environment in the post-WWII period. In particular, the role and impact of the Creole Petroleum Corporation is examined in light of the relationship between the Venezuelan government and the petroleum industry.