The International Oil Rent in the National Oil-Exporting Economies: The Venezuelan case

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Abstract

This article aims to present an analysis of both the causes of the oil rents in the global oil market and an alternative approach to recording the growth in national oil-exporting economies. In addition, the article also offers an overview of the Rent Capitalism Economic Theory as a peculiar economic development model, delivering an illustration based on the Venezuela System of National Account (1997 - 2014). Calculations of the International Oil Rent as a separate part of the national income serve to understand the performance of national oil-exporting economies. Finally, the article also proposes four indicators to measure the performance of such economies: Oil Sector Non-Rent GDP, Non-Oil Sector Non-Rent GDP, Non-Rent Total GDP and International Oil Rent.
Original languageEnglish
Pages (from-to)63-87
JournalRevue Internationale des Etudes du Developpement
Volume251
DOIs
Publication statusPublished - 2023

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