Contrary to the contention of the “dependentistas,” the cacao export-led economy of the 18th century province of Caracas did not behave as an enclave economy. An analysis of the quantitative data suggests that from its beginning in the 17th century to its boom in the 18th century, the caco economy in the province of Caracas developed strong nodules (linkages) with the domestic economy that prompted the creation of new economic endeavors. Contents: Cacao & the Genesis of an Export-Led Economy; Caracas Cacao Market in Veracruz; & Caracas: Structure of the Export Sector; San Felipe: A Cacao Town: Foundation of the Town; Cacao: Intricacies of Its Market & Its Influence; & Conclusion; & Bibliography. Tables.