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In 1935, after the death of dictator General Juan Vicente Gomez, Venezuela consolidated its position as the world's major oil exporter, establishing South America's longest-lasting democratic regime. Endowed with the power of state oil wealth, successive presidents appeared as transcendent figures who could magically transform Venezuela into a modern nation. During the 1974-78 oil boom, dazzling development projects promised to effect this transformation, yet now the state must struggle to appease its foreign creditors, counter a declining economy, and contain a discontented citizenry. In critical dialogue with contemporary social theory, this text examines key transformations in Venezuela's polity, culture and economy, recasting theories of development for other postcolonial nations.
Roseberry et al. (1998) studied this question.