The Book
In praise of Blogging the Revolution
“Caracas Chronicles has been an indispensable source of lucidity and perspective in these turbulent times in Venezuela. Toro and Nagel have been right on target, without pretending to be ludicrously impartial; they have been able to rise above polarization, trying hard to make sense of an often implausible reality. Blogging the Revolution shows them at their best. If you are not already a fan, you will become one.”
- Francisco J. Monaldi, RFK Visiting Professor at Harvard Kennedy School and Director, Center on Energy at IESA in Caracas.Recent Comments
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Category Archives: The Economy
Bandes’s not-so-great overseas adventures
Back in 2006, the Venezuelan state’s development bank BANDES decided to expand its operations overseas by starting a commercial branch in Uruguay. Five years later, Bandes Uruguay announced an internal reorganization, but reaffirmed its committment to continue working, to the … Continue reading
Posted in Corruption, International, The Economy
13 Comments
Scarcity was much cooler under Chávez
During the last presidential campaign, I took to highlighting the differences between a Chavez-led race and a Chávez –less one. For the sake of consistency, indulge me while I revisit this theme during its immediate aftermath, by asking: what is … Continue reading
Posted in Nicolas Maduro, The Economy
26 Comments
The victim of my rant of the day: the Associated Press
Clever use of puns aside (“Venezuela hopes to wipe out toilet paper shortage by importing 50m rolls,” chuckle chuckle), I have a small beef to raise about this AP story, reprinted by The Guardian and, most likely, hundreds of other … Continue reading
Posted in The Economy, The Media
40 Comments
Micro-managing the downfall
Economists sometimes use the term “bounded rationality” to explain the impossibility managers have in understanding reality in all its complexity. Basically, bounded rationality says that managers and economic actors are rational, but only up to a point. At that point, … Continue reading
Posted in The Economy
20 Comments
Gas prices and car ownership
An interesting post about Venezuelan gasoline consumption from UC Berkeley Professor of Economics Lucas Davis. He says that Venezuelans don’t own more cars per capita than comparable countries in the region, so the large consumption must be because they own … Continue reading
Posted in Oil, Politics, The Economy, Venezuelan Culture
21 Comments
Lorenzo Mendoza, prophet of privatization
Lorenzo Mendoza, CEO of Venezuela’s largest private company (Polar), gave a searing press conference yesterday. In it, Mendoza thoroughly debunked the myth that people can’t find corn flour because Polar is hoarding it. Interestingly enough, in the process of defending … Continue reading
Posted in Lorenzo Mendoza, Nicolas Maduro, The Economy
85 Comments
A whole LOTTTa trouble
A year ago, Hugo Chávez wrote a little big law that has made it very difficult for companies to do business in Venezuela. Written from his sick bed, in the midst of a Presidential campaign, without consulting vast sectors of … Continue reading
Posted in The Economy
12 Comments
It’s the economy, Nicolás
Inflation, scarcity, crime, and those damn numbers on people’s arms. I shoot off over at the Transitions blog. My money quote: Taming inflation would require the government to order their finances, but the administration seems reluctant to do so. For … Continue reading
Posted in The Economy
60 Comments
Food sovereignty: Still a mere formality
The government has raised the official subsidy paid to domestic rice producers - from 2,50 Bolivars per Kilo to 3,60 Bs. In spite of this, our producers shouldn’t feel too happy about that adjustment. Why? Beacuse days before that, the same … Continue reading
Posted in International, Politics, The Economy
13 Comments
“There’s a storm a-comin’…”
That’s the message from Tom O’Donnell, quoting various sources, including Saudi oil minister al-Naimi. The gist: with increased oil production all over the world, with North Dakota becoming the latest oil boom hotspot, with fracking technology making quick progress in … Continue reading
Posted in Oil
34 Comments
Not the brightest bulb
Electricity Minister Jesse Chacón said today that the government would raise electricity rates so that people who use too much electricity begin to pay more. This is a terrible idea. On the surface, Chacón’s idea would seem to make sense. The … Continue reading
Posted in Electric Crisis
82 Comments
CORPOELEC: Once the solution, now the problem
New Electricity Minister Jesse Chacón has tried to differentiate himself from his predecessors during his first days at the job. He even pledged to quit if his new plan to fix the ongoing electricity crisis doesn’t work. But he also … Continue reading
Posted in Electric Crisis, In Other News, The Economy
26 Comments
The fate of Lácteos Los Andes
More than five years ago, Hugo Chávez announced that the government bought private dairy company Lácteos Los Andes, making it part of his “food sovereignty” plan, along with other companies like coffee maker Fama de America. For years, it was presented … Continue reading
Posted in Chavismo, In Other News, The Economy
33 Comments
Double dose of crazy
As many of you, I watched Nicolás Maduro’s speech last night in awe. Not only was it a rambling, incoherent mess; it also made clear what everyone seems to be catching on to – that Maduro is insane. For me, … Continue reading
Posted in Electric Crisis, infrastructure, Nicolas Maduro
26 Comments
Apostate chavista document gets a lot right
Spanish journal ABC leaked a fun little chavista document that paints a true portrait of the dire state of the economy. From reading it carefully, I have an idea of who wrote it. I was also told from a trustworthy … Continue reading
Posted in The Economy
32 Comments
