Published by the History Departments at The Ohio State University and Miami University
Boom and bust. That economic cycle has happened repeatedly in places dependent on one natural resource, like Venezuela and petroleum.
In the 1970s, Venezuela had the highest growth rate and lowest inequality in Latin America. Thanks to an oil bonanza, the government was able to spend more money (in absolute terms) from 1974 to 1979 than in its entire independent history. Indeed, during this time, this Gran Venezuela had the highest per capita GDP in region.