Political Economy of U.S.-Russian Hegemonic Struggle for Sphere of Influence in Latin America How the U.S. lost Venezuela

Abstract

This article evaluates the U.S.-Russian hegemonic struggle for sphere of influence that escalated the 2019 presidential crisis in Venezuela. The crisis which centred essentially on whom the legitimate President of Venezuela is, was characterized by violent protests and international political intrigues between the supporters of Nicolas Maduro and Juan Guaido. U.S.’ recognition of Juan Guaido and delegitimization of Maduro resultantly met with stiff opposition in Russia’s legitimization and uncompromising support for Maduro’s presidency. Deploying the Two Persons’ Zero-sum model of the Game Theory of international politics, the article explores how the U.S. strove to leverage the advantages of the Monroe Doctrine and Dollar diplomacy to effect an opportunistic regime change in Venezuelawhile Russia smartly appropriated the benefits of its arms deals and oil diplomacy with Venezuela in furtherance of its strategic interests in Venezuela. The article concludes that the U.S. capitulated and steadily lost Venezuela to Russia.