Historical Context of Venezuela's Political Crisis

Venezuela once prospered as one of Latin America's most stable democracies and wealthiest economies, largely due to its oil reserves. The narrative shifted dramatically over the last 25 years, particularly with the nationalization of the oil industry in 1976, which transformed the government into a massive entity with total control over resources. This move fostered an environment ripe for populist leaders like Hugo Chavez to capitalize upon economic hardships, which began to surface with falling oil prices and growing dissatisfaction among the populace. The ensuing years of Chavez and his successor, Nicolas Maduro, have seen Venezuela decline into a state characterized by corruption and mismanagement, ultimately equating the state functions with organized crime activities that currently dominate the nation.