Venezuela’s modern history is a turbulent saga shaped by oil wealth, charismatic leaders, and deep political divisions. After Simón Bolívar’s death in 1830, Venezuela entered a cycle of military rule and fragile democracy. The discovery of oil in 1914 transformed the nation, positioning it as a global energy powerhouse with the world’s largest proven reserves—over 303 billion barrels concentrated in the Orinoco Belt.
Dictator Juan Vicente Gómez (1908–1935) centralized power and welcomed foreign oil interests, laying the groundwork for Venezuela’s petro-state. The mid-20th century saw democratic reforms and economic growth, but dependency on oil led to vulnerability. The 1989 El Caracazo uprising exposed deep inequalities and shattered public trust, setting the stage for Hugo Chávez’s rise.
Chávez, a former military officer, led a failed coup in 1992 but gained national attention with his “por ahora” speech. Elected president in 1998, he launched the Bolivarian Revolution, promising justice and sovereignty. His populist policies, funded by oil revenues, reduced poverty but created economic instability. Nationalizations, price controls, and mismanagement eroded Venezuela’s infrastructure and productivity.
Chávez’s death in 2013 ushered in Nicolás Maduro, whose presidency has been marked by economic collapse, hyperinflation, and mass emigration. Over 7 million Venezuelans have fled since 2015. Maduro’s authoritarian tactics—militarizing institutions, suppressing dissent, and manipulating elections—have drawn global condemnation.
Venezuela’s modern history reflects a paradox: immense natural wealth paired with political and economic dysfunction. From oil booms to revolutionary promises, the nation’s trajectory underscores the dangers of centralized power, corruption, and overreliance on volatile resources. Understanding Venezuela’s modern history is essential to grasp the roots of its current crisis and the global implications of its future.
