The plot to steal Venezuela’s oil is both vile and deeply stupid
The United States has an ugly reputation in Latin America — a reputation that, I’m sorry to say, is mostly well deserved. Our government has a long track record of supporting dictators, assisting in the overthrow of democratic governments, and sometimes even sending in the Marines, often on behalf of American corporations trying to pillage other nations’ natural resources.
Excluding the Trump II presidency, we have, I think, behaved better in the recent past. And this was largely due to the role of enlightened self-interest.
The fact is that old-fashioned, extractive imperialism doesn’t pay. In fact, it hasn’t paid for well over a century. In the modern world nations grow rich through innovation and productivity, not conquest. In 1909 Norman Angell’s book The Great Illusion argued that even victorious wars cost far more than they can possibly yield in tribute, documenting his case with what was already extensive historical evidence. His argument has even more force now.
Let me give you a recent historical example. Portugal was the last European nation to maintain a large overseas empire. As late as 1973 Lisbon still ruled vast African territories — some of them rich in natural resources — with many times the home country’s population. It was also the poorest nation in Western Europe, its resources drained by the endless wars it fought in an attempt to keep its colonies subjugated.
Finally, in 1974, junior officers in the Portuguese military, fed up with the fighting and dying, rose up in the Carnation Revolution and overthrew the fascist government. A newly democratic Portugal quickly abandoned its empire, eventually joining the European Union — and while it’s still poorer than some of its peers, it is far closer than before to the standard of living in, say, France.
In short, at this point only someone deeply ignorant of both the realities of modern economies and of the lessons of history can believe that there are big payoffs to seizing other nations’ natural resources. [Continue reading…]