the Chávez-Maduro tenure has also been termed a ‘petroleum dictatorship’… The enormous increase in national revenue allowed Chávez and Maduro to pay off Venezuela’s foreign debt and undertake a massive social works program… For most Venezuelans, the petroleum era did not bring with it additional jobs, increased wages, or an improvement in the standard of living. Instead, the oil boom brought about a decline in domestic industry, and increase in imports and inflation.Seems like a familiar critique of Chavismo, doesn’t it? As it turns out, this is a misquote (oops, my bad). The book actually says the Gómez tenure (president in the first decades of the 20th century), public works instead of social works program, and agriculture instead of industry. The point is (as noted in my post linked above) that these problems are not new. In the case of Venezuela there are two excellent papers (in Portuguese) written by Celso Furtado, in 1957 (a report for ECLAC) and in 1974, showing the problems of development with abundance of foreign reserves (should be a paradox since the normal problem, the constraint, is lack of dollars), which are a must read for those interested in the problems of development.