Venezuela and Latin America, under the gaze of Jeffrey Sachs at the 2024 International Economic Development Seminar

Venezuela and Latin America, under the gaze of Jeffrey Sachs at the 2024 International Economic Development Seminar
Venezuela and Latin America, under the gaze of Jeffrey Sachs at the 2024 International Economic Development Seminar

At the beginning of the second day of International Economic Development Seminar 2024which takes place in Caracas, Venezuela, the economist at the Center for Sustainable Development at Columbia University, Jeffrey Sachs, highlighted the impact of United States foreign policy: “We know that Venezuela “needs and can achieve a massive increase in economic activity once it can escape US sanctions.”

The American economist proposed alternatives for the Bolivarian country and suggested that the country “go to new partners, new markets and a new economic strategy.”


In his speech, the economist and former president of Ecuador Rafael Correa made a historical review of the environmental impact related to the development and exploitation of natural resources in Latin America, highlighting the intervention and contamination by great powers such as the United States. Correa stated that “the problem is not knowing how to use natural resources” and that this “is a consequence and not a cause of its development.”

Furthermore, he argued that, for Latin America, natural resources are a crucial benefit, and rhetorically asked the audience: “Can you imagine Venezuela, Chile, Ecuador without their natural resources?”

The former Ecuadorian president pointed out that “countries that arrived late in the industrialization process face new restrictions and that the processes of developed countries cannot be replicated.” However, he noted that this “does not fully explain Latin America’s original political instability nor the lack of integration of the new republics,” and above all, “why the region missed the opportunity to take advantage of the industrial revolution.” And he argued: “Current evidence suggests that rich countries can remain prosperous without needing poor countries, and according to dependency theory, although we are disadvantaged with them, we would be even worse off without them.”

Correa also took aim at the United States and said that “they maintain a great veto capacity, preventing any profound changes necessary for the region.” However, the former Ecuadorian president recognized that “Latin American countries have not exhausted the margins of action within a dependent capitalism, and that the determining factors of underdevelopment are mainly internal.” And he concluded: “With or without dependence, Latin America would continue to be underdeveloped, and the main people responsible for this situation are ourselves.”

The opening day, which brought together businessmen and political leaders, marked the beginning of an event where the complexities of economic growth in a multipolar context were addressed. The exhibitions were focused on strengthening economic resilience, promoting technological innovations and discussing strategies for equitable and sustainable development.

Representatives from different companies participated in the meeting, such as Petróleos de Venezuela (PDVSA), Bera Motorcycles, Corporación Venezolana de Guayana, Ridery (mobile mobility application), the cosmetics firm Dernier, the Frazzani footwear factory, Wash app (mobile application of service), the poultry producer Puro Lomo, the National Association of Supermarkets and Self-Service Stores (ANSA) and the mobile service application Flety, among others.

The seminar began yesterday with the participation of the economist Ricardo Patiño, the Venezuelan vice president, Delcy Rodríguez, and David Li.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts