Resource Nationalism and Energy Policy: Venezuela in Context

State ownership of natural resources, particularly oil and natural gas, is believed to lead to the "resource curse" and destabilize economies, societies, and politics. This book challenges those beliefs by examining the relationship between state resource ownership and energy policy across different countries. It demonstrates that the key factors influencing energy policy are the inclusiveness of the political system, competitiveness within policy-making, and the characteristics of individual leaders. Domestic politics, not state ownership, determine the effectiveness and efficiency of energy policies, and government intervention into resource extraction can be legitimate if the benefits are shared through public goods.

Format: Hardback
Length: 312 pages
Publication date: 04 October 2022
Publisher: Columbia University Press

The notion that countries with state ownership of natural resources, particularly oil and natural gas, are susceptible to the "resource curse" is widely held. This belief suggests that governments exhibit "resource nationalism," which can destabilize the economy, society, and politics. In his book, David R. Mares challenges these assumptions and presents a compelling new perspective on the relationship between state resource ownership and energy policy.

Mares conducts a comprehensive analysis of energy policy across a diverse range of countries, highlighting the fact that in most parts of the world outside the United States, subsoil natural resources are owned by the state. He delves into the history of Latin American oil and gas policies and offers a detailed examination of Venezuela from 1989 to 2016, encompassing the presidencies of Hugo Chávez. Mares demonstrates that the primary determinants of energy policy are the inclusiveness of the political system, the level of competitiveness within policymaking, and the characteristics of individual leaders. Domestic politics, rather than state ownership, determine the effectiveness and efficiency of energy policies. He argues that the "resource curse" can be avoided by ensuring that the benefits of resource extraction are shared through the provision of public goods.

Mares' book offers a sophisticated understanding of both Latin American politics and energy policy. It sheds light on why some governments are responsible stewards of natural resources while others misuse national wealth for partisan or private gain. By challenging prevailing beliefs and offering a fresh perspective, Mares contributes to our understanding of the complex dynamics between state resource ownership, energy policy, and economic development.

Weight: 564g
Dimension: 161 x 237 x 24 (mm)
ISBN-13: 9780231202947