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All I can say is that ironically, Venezuela got more benefits from the oil industry before the aforementioned "nationalization" than after it, when as you said, there were too much corruption, and there were a very poor management of the revenues of the oil industry in favor of the country.
During Perez Jimenez government, even though the oil industry was in the hands of foreign companies, those foreign companies were obliged to pay royalties to the Venezuelan state, and with the money of those royalties, Perez Jimenez inverted that money into major infrastructure works, like highways, Avenues, hospitals, ports, industrial plants, etc., with the consequent job positions that the construction of these infrastructures entailed.
And during his only 10 years government (4 years of military juntas, and 6 years presided only by him), there were built more infrastructures than during all the 40 years of the deficient and corrupt democratic period between his fall and the advent of the chavista revolution
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