Carlos Andrés Pérez and the Great Venezuela Boom — Fexingo History

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Carlos Andrés Pérez and the Great Venezuela Boom — Fexingo History

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In the 1970s, Venezuela was the richest country in Latin America. Oil prices skyrocketed, and President Carlos Andrés Pérez promised to transform the nation with 'sowing the oil' — using petrodollars to build industry, infrastructure, and a modern state. But what happens when easy money meets weak institutions? This episode dives into the boom years: the nationalization of oil in 1976, the rise of PDVSA, the glittering Caracas of the era, and the staggering corruption and mismanagement that set the stage for collapse. We explore the paradox of plenty — why Venezuela's oil wealth didn't build a sustainable economy, but instead created dependency, debt, and a distorted society. With vivid stories from the era — the Friday of the dollars, the petro-state's absurd excesses, and the seeds of the 1989 Caracazo — we trace how the great boom became the prelude to crisis. A cautionary tale about resource wealth, political hubris, and the fragility of prosperity.

#Venezuela #OilBoom #CarlosAndresPerez #PDVSA #Nationalization #1970s #SowingTheOil #Petrodollars #Caracas #TheFridayOfTheDollars #Caracazo #ResourceCurse #DutchDisease #OPEC #LatinAmerica #History #FexingoHistory #BoomAndBust #OilHistory #PetroState

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