An Empty Revolution

Interesting article in Foreign Affairs (March/April 2008) on the gains and losses (mostly losses) apparently, of the Chavezian Revolution.

Despite it being written by an economist who worked early on with Chavez and was ousted (and who might therefore have an axe to grind, I don't know), the numbers themselves are harder to ignore. It does stand to reason though, and the pattern seems to have fit itself neatly into a number of resource rich but structurally poor countries in recent years. A number of commentators are suggesting that oil prices won't be going down anytime soon.

If that's really the case, I can see one hell of a hangover for regimes that have lived beyond their means even after taking into account the stabilizing (or masking) effects of oil revenues. Russia, among others, shows a similar pattern. Not comparing the two beyond that, but it it disquieting.