Petras and Morley - The Venezuelan Development ‘Model’ and US Policy

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1、DevelopmentandChange,7(1976),391411TheVenezuelanDevelopment‘Model’andUSPolicyJamesPetrasandMorrisMorleyINTRODUCTION:OVERVIEWAccionDemocraticawonthe1973Venezuelanelectionsbyasub-stantialmargin.ThefailureofthePerezgovernmenttoimplementmostofthereformistmeasurespropos

2、edinthepost-electionperiodwasfollowedbyaturntowardsan‘entrepreneurial’capitalistdevelopmentstrategy.Amongthe‘reforms’thatwereactuallycarriedoutwerethenationalizationofironoreandoil,whichwerehailedbysomeleftists(includingCastro)asmajorstepstowardbreakingwithimperial

3、ism.TheUS-ownedironoreminesaccountedfor96percentofthetotalVenezuelanproductionandtheircombinednetbookvaluewasassessedbycompanyofficialsatapproximately$200million.However,thecompanies(BethlehemandUSSteel)acceptedthePerezgovernment’sofferof$104.4millionincompensation

4、paymentswithoutsignificantresistancebecausewhatinterestedthemasmuchas,ifnotmorethan,thelevelofcompensationwasthenatureoftheongoingorfuturetiesofferedbytheregime:‘Inbothcasesaoneyearcontracthasbeensignedforamanagerialteamtoremainatworkinallthemaininstallations.Inadd

5、itionthereisatwoyear“technicalassistance”contractand..,bothBethlehemandUSSteelwillcontinuetoreceivethesamequantitiesoforeasatpresent..,I1Likewise,theforeign-ownedoilcompanies,whoestimatedthecombinedvalueoftheirassetsat$5billion,agreed(withtheexceptionofElPaso)toacc

6、eptas‘satisfactory’anofferofapproximately$1billionincompensationpayments’becausetheywerepartofa‘packagesettlement’-thatalsoprovidedforcontinuedtechnologyinputsintothenationalized391392JamesPetras&MowisMorleyindustry,aswellasmarketingagreementsfortheinternationaltra

7、ns-shipmentofthecountry’spetroleumexports.AccordingtotheVenezuelanMinisterforMinesandIlydro-carbons,ValentinHernandez,theoilcompanieswouldbeofferedbetweeneightand15centsperbarrelfortechnicalaidindiscoveringandextractingoilandasimilarfeeforrefiningtechnology.Transpo

8、rtcostswerealsoexpectedtoaddanothersevento15centstothecosttoVenezuelaforeachnewbarrelofAsaresult,someinformedanalystsmaintainedthatExxonwillmakem