In this introduction, we present the main contributions of this special collection, which aim to open the analysis to the broader political and economic processes that underpin Venezuela's recent crisis. We highlight the transition from a limited democracy to an authoritarian regime and some of the potential pathways to democratization. We further explain how the political transition that occurred in the last decade was influenced by structural conditions of the Venezuelan economy, elaborating on the collapse of the Venezuelan rentier economy and some of the emerging processes that feed the strengthening of authoritarianism. Lastly, we analyse how these transformations have been affected by a changing international order with emerging actors and dynamics in a global order upheaval. The articles in this special collection locate in Venezuela's crisis on broader theoretical discussions rooted in comparative and historical perspectives.
This article studies the effects of sanctions on different economic sectors in Venezuela, framed as a rentier capitalist state. We analyse four sectors: hydrocarbons, agriculture, manufacturing, and what we call "emerging sectors" (mining and cryptocurrency activities). We argue that sanctions and counter-strategies employed by the state have produced multiple transformations, such as the informalization and criminalization of the economy, which undercut the recovery of Venezuelan economic development and democracy. These effects manifest themselves in an increase in the barter-economy, de facto dollarization, the expansion of activities such as mining and cryptocurrency use, and the spread of illegal actors and military intervention in critical sectors. This study is inscribed in comparative and international politics traditions, related to the interactions of international constraints with domestic political economy actors and structures. Through a qualitative approach, we fill an important gap both in the literature on Venezuelan sanctions, and on sanctions more broadly.
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