Venezuela: The Political Economy of Inflation and Investment Strikes

Levingston, Oliver
Date Written:  2014-02-10
Publisher:  Links International Journal of Socialist Renewal
Year Published:  2014
Resource Type:  Article
Cx Number:  CX15849

This paper adopts a Marxian class analysis to dispute the orthodox critique of high inflation in contemporary Venezuela. It draws a parallel between the 2002-03 oil industry lock-out and the capital strike in the Venezuelan foodstuffs industry today. In each case, capital has suspended production to bid up the price of basic goods and create widespread shortages.
Orthdox inflation-targeting conceals the class antagonism of capital strikes and highlights the class interests that underpin monetarism. The paper concludes that socialised production is a viable alternative to neoliberal austerity.

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