Skip to main content

Posts

Showing posts from September 26, 2017

VENEZUELA—FROM RISING STAR TO SHOOTING STAR

Since its independence in the early 1800s, Venezuela has had, like many of its South American neighbors, a checkered history of pendulum swings between democracy and despotism. Also like many of its neighbors, however, it has had a history of democratic vocation that has led its people to repeatedly seek a resurgence of democratic vigor every time authoritarianism has reared its head. Protests in Caracas But unlike other major democracies in the region, petroleum-rich Venezuela is currently experiencing a deepening autocratic trend that has not only accompanied but also fueled the economic and social crisis set off in that country by a worldwide nose-dive in crude prices since 2014. In this sense, the greatest threat to Venezuelan democracy has been the lack of diversity of its economy. But both the boom and bust in oil revenues has played into the hands of that nation’s self-style “Bolivarian” authoritarians, in the first case permitting the implementation of far left populis