The history of Venezuela shows that it can become a successful, free country. In 1958, dictator Marcos Pérez Jiménez was overthrown. A stable two-party system was established that lasted forty years. The Fourth Republic, as this period was known, brought unprecedented prosperity thanks to oil revenues, massive public works, and social programs, making Venezuela one of the wealthiest nations in Latin America during the 1970s. In February 1992, Hugo Chávez led a failed coup against President Carlos Andrés Pérez. In 1998, Hugo Chávez was elected President with 56 percent of the vote. He nationalized industries and introduced social programs that reduced poverty and illiteracy. When he died in 2013, Nicolás Maduro became President. At that time, a severe economic crisis hit Venezuela. This was caused by falling oil prices, mismanagement, and U.S. sanctions. Hyperinflation, shortages of food and medicine, and the largest refugee exodus in Latin American history followed, fundamentally altering Venezuela’s trajectory. In 2019, Juan Guaidó declared himself acting president, saying the election of Chavez was fraudulent. More than 60 countries recognized Guaidó as legitimate interim president, but Chavez stayed in power. (source here)

As you can see, the journey from one of the most prosperous countries in South America to one of the poorest was the result of many events and decisions. The people of Venezuela were seeking to find their way out of poverty and listened to the lies of someone who wanted to be a dictator.

The question now is, “Can Venezuela regain its freedom and prosperity?”

Venezuela’s history shows that they can be a successful republic or democracy. They will need honest elections and an informed electorate. The class warfare that allows socialism or communism to take over needs to end.

When Venezuela took over the oil industry, profits dropped because the people in charge did not know how to run or maintain the oil industry. If the oil industry reverts to the people who know how to run it, prosperity will slowly return. I wish Venezuela well and hope that the exiles who escaped Chavez and Nicolás Maduro will return and help rebuild the country.

This map shows where the exiles have gone: