In Venezuela, the discovery of oil was an excitement for the fast and easy track it paved to wealth. Venezuela’s agricultural industry, on the other hand, was largely neglected due to over-emphasis on the oil industry. Such a tilted policy design deepened the tremendous gap between rural and urban areas, with only 12% of its population living in the rural area who produces food insufficient for the whole nation (Wilpert, 2007). Nevertheless, the greater demand for food did not fuel the welfare of the most fundamental supplier group – the farmers. Instead, it filled up the pocket of the elite class, the latifundista, as they had overwhelming property control over the key resources. Misallocation of property rights not only hinders the production power of the traditional farming class, it also causes a vicious cycle where incentives for relevant activities are nowhere to be found.