This is a joint post with Stephanie Majerowicz. Venezuelan President Hugo Chavez hasn’t appeared in public since his cancer surgery last December and, given his sharply deteriorating health, it seems a safe bet that the country will be having another national election sooner rather than later. When that happens, the opposition will have a rare opportunity outflank the populist Chavistas and offer voters a share in the country’s oil wealth through direct payments of part of the revenue (see the recent WSJ article). Such a program has the twin advantages of being potentially hugely popular and of reducing corruption, strengthening accountability and curbing waste. Here at CGD we call this idea “oil-to-cash.”
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