Venezuela under the socialism of the 21st century – from prosperity to misfortune The economic collapse in Venezuela, undergone during the last two decades, is due to the presence of the ideological-political project commonly referred to as ‘Socialism of the 21st Century’. A project that has made clear its intent of dismantling the institutions created during the 1958-1998 democratic period and one that is showing a complete inability to satisfy the basic needs of the population. It started in 1998 when Lt. Colonel H R Chavez became president.

This political project can be separated into four stages:

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