Kristin Ciupa is Associate Professor of Sociology at the University of Regina. She has published on the political economy of extraction in Latin America and Canada, and is co-editor of The Labor of Extraction in Latin America (2024).

• Acknowledgements Abbreviations Introduction: The New Left and Venezuelan Oil Development 1 Neoliberalism 2 The New Latin American Left 3 Neoliberal Reform and the Caracazo in Venezuela 4 The Bolivarian Revolution and Twenty-First Century Socialism 5 Structure of the Book 1 Rentier Accumulation and State and Class Formation 1 Theorising Oil-Exporting Countries 2 Marxian Theory of Rent 3 International Oil Rents and Pricing 4 The Capitalist State 5 Class Relations 6 Conclusion 2 The History of Venezuelan Oil Development 1 1800–1907: Pre-Oil Venezuela and the Advent of the Global Oil Industry 2 1908–1957: The Birth of the Venezuelan Oil Industry 3 1958–1982: The Pact of Punto Fijo and Oil Nationalisation 4 1983–1998: Neoliberalism and the Internationalisation of the Oil Industry 5 Conclusion 3 The New Left and the Bolivarian Revolution from 1999 to 2016 1 The Trajectory of the New Latin American Left 2 1999–2000: The New Constitution and Moderate Reform 3 2001–2004: Anti-Neoliberalism and Oil Reform 4 2005–2008: Twenty-First Century Socialism and Social Welfare Reform 5 2009–2016: Crisis and Declining Oil Revenues 6 Conclusion 4 Rent Collection and Distribution under the Bolivarian Government 1 Reform and Rent Capture 2 Rent Distribution Mechanisms 3 Conclusion 5 Oil, Class Conflict, and the Limitations of the Venezuelan State 1 International Oil Relations and the Limits of Venezuelan Oil Development 2 The Venezuelan Capitalist and Landlord State 3 Class Politics and the Bolivarian Project 4 Politicising Rent 5 Conclusion 6 Conclusion 1 Neoclassical Economics and the Dutch Disease 2 Institutionalist Perspective 3 Marxian Theory of Rent 4 International Oil Relations, Pricing and Rent Formation 5 The New Latin American Left 6 The Venezuelan State 7 Social Property Relations List of Interviewees Bibliography Index

Kristin Ciupa is Associate Professor of Sociology at the University of Regina. She has published on the political economy of extraction in Latin America and Canada, and is co-editor of The Labor of Extraction in Latin America (2024).

• Acknowledgements Abbreviations Introduction: The New Left and Venezuelan Oil Development 1 Neoliberalism 2 The New Latin American Left 3 Neoliberal Reform and the Caracazo in Venezuela 4 The Bolivarian Revolution and Twenty-First Century Socialism 5 Structure of the Book 1 Rentier Accumulation and State and Class Formation 1 Theorising Oil-Exporting Countries 2 Marxian Theory of Rent 3 International Oil Rents and Pricing 4 The Capitalist State 5 Class Relations 6 Conclusion 2 The History of Venezuelan Oil Development 1 1800–1907: Pre-Oil Venezuela and the Advent of the Global Oil Industry 2 1908–1957: The Birth of the Venezuelan Oil Industry 3 1958–1982: The Pact of Punto Fijo and Oil Nationalisation 4 1983–1998: Neoliberalism and the Internationalisation of the Oil Industry 5 Conclusion 3 The New Left and the Bolivarian Revolution from 1999 to 2016 1 The Trajectory of the New Latin American Left 2 1999–2000: The New Constitution and Moderate Reform 3 2001–2004: Anti-Neoliberalism and Oil Reform 4 2005–2008: Twenty-First Century Socialism and Social Welfare Reform 5 2009–2016: Crisis and Declining Oil Revenues 6 Conclusion 4 Rent Collection and Distribution under the Bolivarian Government 1 Reform and Rent Capture 2 Rent Distribution Mechanisms 3 Conclusion 5 Oil, Class Conflict, and the Limitations of the Venezuelan State 1 International Oil Relations and the Limits of Venezuelan Oil Development 2 The Venezuelan Capitalist and Landlord State 3 Class Politics and the Bolivarian Project 4 Politicising Rent 5 Conclusion 6 Conclusion 1 Neoclassical Economics and the Dutch Disease 2 Institutionalist Perspective 3 Marxian Theory of Rent 4 International Oil Relations, Pricing and Rent Formation 5 The New Latin American Left 6 The Venezuelan State 7 Social Property Relations List of Interviewees Bibliography Index

Kristin Ciupa is Associate Professor of Sociology at the University of Regina. She has published on the political economy of extraction in Latin America and Canada, and is co-editor of The Labor of Extraction in Latin America (2024).

• Acknowledgements Abbreviations Introduction: The New Left and Venezuelan Oil Development 1 Neoliberalism 2 The New Latin American Left 3 Neoliberal Reform and the Caracazo in Venezuela 4 The Bolivarian Revolution and Twenty-First Century Socialism 5 Structure of the Book 1 Rentier Accumulation and State and Class Formation 1 Theorising Oil-Exporting Countries 2 Marxian Theory of Rent 3 International Oil Rents and Pricing 4 The Capitalist State 5 Class Relations 6 Conclusion 2 The History of Venezuelan Oil Development 1 1800–1907: Pre-Oil Venezuela and the Advent of the Global Oil Industry 2 1908–1957: The Birth of the Venezuelan Oil Industry 3 1958–1982: The Pact of Punto Fijo and Oil Nationalisation 4 1983–1998: Neoliberalism and the Internationalisation of the Oil Industry 5 Conclusion 3 The New Left and the Bolivarian Revolution from 1999 to 2016 1 The Trajectory of the New Latin American Left 2 1999–2000: The New Constitution and Moderate Reform 3 2001–2004: Anti-Neoliberalism and Oil Reform 4 2005–2008: Twenty-First Century Socialism and Social Welfare Reform 5 2009–2016: Crisis and Declining Oil Revenues 6 Conclusion 4 Rent Collection and Distribution under the Bolivarian Government 1 Reform and Rent Capture 2 Rent Distribution Mechanisms 3 Conclusion 5 Oil, Class Conflict, and the Limitations of the Venezuelan State 1 International Oil Relations and the Limits of Venezuelan Oil Development 2 The Venezuelan Capitalist and Landlord State 3 Class Politics and the Bolivarian Project 4 Politicising Rent 5 Conclusion 6 Conclusion 1 Neoclassical Economics and the Dutch Disease 2 Institutionalist Perspective 3 Marxian Theory of Rent 4 International Oil Relations, Pricing and Rent Formation 5 The New Latin American Left 6 The Venezuelan State 7 Social Property Relations List of Interviewees Bibliography Index