Venezuela's historical decline and resource curse

After more than two decades of socialist rule, Venezuela faces a rare opportunity for democratic transition following Maduro’s removal. Ian Vásquez and Marcos Falcone trace the regime’s record of repression and economic collapse, explain why regime insiders cannot credibly deliver reform, and make the case for immediate engagement with María Corina Machado and the opposition that overwhelmingly won the 2024 election.

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