Oil, politics, and economic policy making: Venezuela and the Andean Common Market

Venezuela's entry into the Andean Common Market (ACM) represents a case of systems transformation. Venezuelan membership has led both to major changes in economic provisions of the Common Market, and to significant alterations in political relations among members. Analysis of these changes depends on an understanding of the political debate in Venezuela, which was prolonged, and which led to membership under favorable terms earned through hard negotiations. Any assessment of the ultimate impact of Venezuelan participation in the ACM must remain guarded. As a wealthy and dynamic member, Venezuela could become an important catalyst for integration in the region. But with its superior economic capacity, Venezuela could also come to dominate the integrative effort, accruing most of the benefits to itself and in the process creating disruptions and dissatisfaction among the other members.