Populism in Venezuela: The Nature of Chavismo

Abstract

The situation in Venezuela is spinning out of control. The economy is shriveling at double-digit rates, corruption is generalized, and the nightmare of hyperinflation has returned with a vengeance. What happened? The difficulties suffered during the Chavismo era were predictable consequences of the policy choices of the past six decades. These policy choices led to the populist principles underlying Chavismo, which prioritizes the struggle against individual poverty and social exclusion at the expense of institutionalization and fiscal discipline.