Abstract

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 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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