China Unscripted Why Venezuelans Demanded a Socialist Revolution
Jan 17, 2026
Economics expert Jorge Jraissati dives into Venezuela's tumultuous journey from prosperity to crisis. He explores the golden era of U.S. oil ties and the subsequent stagnation that fueled public discontent. Jraissati connects the dots between economic expectations and political upheaval, explaining how Chávez capitalized on frustration to rise to power. He reveals the role of foreign support in sustaining Chávez and Maduro's regimes and discusses Venezuela's geopolitical significance. A cautionary tale for democracies facing similar gaps between expectation and reality.
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Boom Then Two Decades Of Stagnation
- Venezuela grew rapidly from 1920–1980, becoming prosperous and democratic with booming oil and manufacturing sectors.
- Two decades of stagnation (1980s–1990s) shifted public trust and opened space for political upheaval.
Economic Disappointment Fuels Political Revolt
- When economic reality falls far short of expectations, political revolution becomes likely in democracies.
- Popular dissatisfaction led Venezuelans to elect Hugo Chávez promising change and anti-corruption.
Chávez's Path From Coup To Election
- Hugo Chávez first led a failed coup, was imprisoned, then ran for president in 1998 and won popular support.
- Voters believed he would stop corruption and bring the change they sought.