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Political economy was the basis for the development of economics as a science. The discussions found in this book on economic policy in Cuba, Latin America and the US will give better understanding, ideas and conclusions to combat the economic woes of the many countries found in the Americas. An important book for intelligent readers that will help understand the economic reality of our world.

This book advances the theory that a potential leading export sector--in this case, the oil sector--is capable of inducing economic growth even in peripheral countries where the product line is primary in nature. In Venezuela the oil sector has contributed directly and indirectly to the development of the country's overall economy, particularly from 1936 to 1973, when that sector met the criteria of a leading sector, i.e., one that expands rap...

This work is the only economic history of Venezuela written in English. In it, Salazar-Carrillo provides estimates that have not been published previously on the Venezuelan economy in general, and the oil component in particular. Evolution of the oil industry in Venezuela is covered in detail and the concept of the retained value of oil expenditures and tnvestment is developed. Recent government policies and the performance of the Venezuelan e...

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