Paradox of Plenty Oil Booms and Petro-States

ISBN-10: 0520207726
ISBN-13: 9780520207721
Edition: 1997
Authors: Terry L. Karl
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Description: The Paradox of Plenty explains why, in the midst of two massive oil booms in the 1970s, oil-exporting governments as different as Venezuela, Iran, Nigeria, Algeria, and Indonesia chose common development paths and suffered similarly disappointing  More...

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Book details

List price: $31.95
Copyright year: 1997
Publisher: University of California Press
Publication date: 10/10/1997
Binding: Paperback
Pages: 360
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.298
Language: English

The Paradox of Plenty explains why, in the midst of two massive oil booms in the 1970s, oil-exporting governments as different as Venezuela, Iran, Nigeria, Algeria, and Indonesia chose common development paths and suffered similarly disappointing outcomes. Meticulously documented and theoretically innovative, this book illuminates the manifold factors--economic, political, and social--that determine the nature of the oil state, from the coherence of public bureaucracies, to the degree of centralization, to patterns of policy-making. Karl contends that oil countries, while seemingly disparate, are characterized by similar social classes and patterns of collective action. In these countries, dependence on petroleum leads to disproportionate fiscal reliance on petrodollars and public spending, at the expense of statecraft. Oil booms, which create the illusion of prosperity and development, actually destabilize regimes by reinforcing oil-based interests and further weakening state capacity. Karl's incisive investigation unites structural and choice-based approaches by illuminating how decisions of policymakers are embedded in institutions interacting with domestic and international markets. This approach--which Karl dubs "structured contingency"--uses a state's leading sector as the starting point for identifying a range of decision-making choices, and ends by examining the dynamics of the state itself.

List of Figures and Tables
Preface
The Modern Myth of King Midas: Structure, Choice, and the Development Trajectory of States
Spanish Gold to Black Gold: Commodity Booms Then and Now
The Special Dilemma of the Petro-State
The Making of a Petro-State
Oil and Regime Change: The Institutions of Pacted Democracy
The Instant Impact of a Bonanza
The Politics of Rent Seeking
From Boom to Bust: The Crisis of Venezuelan Democracy
Petro-States in Comparative Perspective
Commodities, Booms, and States Revisited
Research Note
Statistical Appendix
Statistical Appendix Citations
Notes
Bibliography
Index

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