Abstract

PALMA, Pedro A.. Risks and consequences of rentalist economies: The case of Venezuela. Prob. Des [online]. 2011, vol.42, n.165, pp.35-59. ISSN 0301-7036.

Rentalist economies -i.e. economies that depend on the rents generated by economic activity, generally the export of some basic product such as oil -are unable to experience a process of sustainable development, because in depending on changing and volatile economic activities subjects them to external realities beyond their control, transforming them into vulnerable and changeable economies. Traditionally, they apply pro-cyclical economic policies that generate bonanzas during periods of high prices for the product they export, but recession, impoverishment and inflation during periods of low prices. Thus, in the bonanza years, their currencies appreciate significantly, but when prices are low they suffer sharp depreciation with devastating effects.

Keywords : Rentalist economy; Dutch Disease; economic vulnerability; stabilization funds; economic diversification.

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