The year 1959 was a crucial one for Venezuela. Politically, it marked the end of an era of military dictatorship. Economically, with the appearance of a world surplus of oil, it marked the termination of a period of prosperity unique in type and unparalleled in degree. This turning point in the destiny of the nation would seem to be a fitting time for an appraisal of Venezuela's recent growth record.
Such an appraisal reveals the fact that during the past twenty years Venezuela's remarkable economic gains were brought about by a unique combination of growth factors. Some of these Venezuela possessed in common with other Latin-American countries. But others, in particular those of a spatial and temporal character, have been singularly its own.