Alejandro E. Caceres

2022 Mexico City

Abstract: The processes of imposing business regulations by the State leading to nationalizations of entire industry sectors has been studied by disciplines such as political science and economic history. Yet, Business History can offer valuable insights to shed light in the motivations and consequences of such policies. Comparative studies of nationalizations of sectors in Latin America during the 20th century are scarce, and Venezuela is no exception, despite two relevant sectors were subject of nationalization processes during the period: oil & gas sector in 1976, and the telecom sector in 1953. This paper aims to analyze these episodes through a comparative study of their motivations and impact during the second half of the 20th century. In terms of the period of analysis, the nationalization process of oil and gas runs from 1960 until 1976, and its impact will be studied from 1976 until 1999. As for the telecom industry, nationalization process started by late 1940s and was effective by 1953, and its impact will be studied from 1953 until its re-privatization in 1991. The main research question is two-fold: Why did the nationalization processes of the telecom (1953) and oil and gas (1976) sectors in Venezuela take place and what are the consequences in the performance of firms and the entire sector in a comparative perspective? This question is relevant to business history as provides evidence of the effects of such policies in Latin America, along with contributing to the debates on the link between political regimes and business performance and structure.