Resource nationalism has been at the centre of Latin America’s radical left-wing Bolivarian Revolution, with Hugo Chávez in Venezuela, Rafael Correa in Ecuador and Evo Morales in Bolivia, as well as the Kirchners in Argentina, moving to expropriate vast hydrocarbons reserves at a time of historically unprecedented global price highs. Enormous ensuing revenue windfalls perpetuated the so-called ‘people’s revolution’. Having exhausted the oil windfall, left-wing leaders are now turning to the other great gift of ‘Pachamama’ to the region – precious metals – for political salvation. Ironically, this ‘economic diversification’ needs foreign support to get it out of the ground.End of preview - This article contains approximately 1240 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options