Latin America had the highest tariffs in the world before 1914; Asia had the lowest. Heavily protected Latin America also boasted some of the most explosive belle époque growth, while open Asia registered some of the least. What brought the two regions to the opposite ends of the tariff policy spectrum? We find that limits to Asian tariff policy autonomy may have lowered tariffs substantially there, but by themselves they cannot explain why Asian tariffs were so much lower than the Latin American tariffs before 1914; that natural barriers, domestic political economy and strategic tariff policy seems to have contributed much to the difference and that the origins of Asian post-World War 2 import-substitution policies seem to lie in the interwar years when Asian tariff levels caught up with those of Latin America.

After a brief description of the initial development of Venezuela's crude oil industry, this paper examines the impact the 1932 US tariff on crude oil imports had on the country. The US tariff on crude oil imports stabilised domestic crude oil prices but prevented consumers from benefting from lower prices in refned petroleum products. The large us international integrated crude oil companies gained from higher crude oil prices for their domestic production while supplying their european markets with mostly cheap crude oil from their newly developed Venezuelan oilfelds. The tariff increased the Venezuelan oil industry's vulnerability to international events because it narrowed the competitive edge it had over domestic us crude oil production. consequently, the Gómez dictatorship in Venezuela at the time became more dependent on the oil companies operating in the country since they could reduce production considerably, or even leave the country as quickly as they entered with a negative impact on government revenues.