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Venezuela

Country in South America

  • 66 min read
  • 7 chapters

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Through South America, Atlantic Ocean and Welfare spending

The territory of Venezuela was colonized by Spain in 1522, amid resistance from Indigenous peoples. In 1811, it became one of the first Spanish American territories to declare independence from the Spanish and to form part of the first federal Republic of Colombia (Gran Colombia). It separated as a fully sovereign country in 1830. During the 19th century, Venezuela suffered political turmoil and autocracy, remaining dominated by regional military dictators until the mid-20th century. From 1958, the country had a series of democratic governments, as an exception where most of the region was ruled by military dictatorships, and the period was characterized by economic prosperity. Economic shocks in the 1980s and 1990s led to major political crises and widespread social unrest, including the deadly Caracazo riots of 1989, two attempted coups in 1992, and the impeachment of a president for embezzlement of public funds charges in 1993. Confidence in the existing political parties collapsed during the 1998 Venezuelan presidential election, in which Hugo Chávez was elected and which became the catalyst for the Bolivarian Revolution. During the 1999 Constituent Assembly, a new Constitution of Venezuela was written and ratified.

The government's populist and social welfare policies were temporarily bolstered by soaring oil prices, temporarily increasing social spending and reducing economic inequality and poverty in the early years of the Chávez government. Poverty began to rapidly increase, however, in mid- to late 2014. The 2013, 2018 and 2024 presidential elections were all widely disputed, with opposition candidates being arrested or exiled. This led to widespread protest and international condemnation, which triggered another nationwide crisis. In 2026, U.S. forces captured Maduro and Vice President Delcy Rodríguez was sworn in as acting president. Since this intervention, the country has been described as a puppet state of the U.S. in terms of its finances and domestic policy.

Venezuela is officially a federal presidential republic, but has experienced democratic backsliding into an authoritarian state under the Chávez and Maduro administrations. It ranks poorly on international measurements of freedom of the press, civil liberties, and control of corruption. Venezuela is a developing country, has the world's largest known oil reserves, and has been one of the world's leading exporters of oil. Previously, the country was an underdeveloped exporter of agricultural commodities such as coffee and cocoa, but oil quickly came to dominate exports and government revenues. Venezuela struggles with hyperinflation, shortages of basic goods, unemployment, poverty, disease, high child mortality, malnutrition, environmental issues, severe crime, widespread corruption, and U.S. sanctions which have precipitated the Venezuelan refugee crisis where more than 7.9 million people had fled the country. The crisis in Venezuela has contributed to a rapidly deteriorating human rights situation.

Etymology

According to the most popular and accepted explanation, in 1499, an expedition led by Alonso de Ojeda visited the Venezuelan coast. The stilt houses in the area of Lake Maracaibo reminded the Italian navigator, Amerigo Vespucci, of the city of Venice, Italy, so he named the region Veneziola, or "Little Venice". The Spanish version of Veneziola is Venezuela.

Martín Fernández de Enciso, a member of the Vespucci and Ojeda crew, gives a different account. In his work Summa de geografía, he states that the crew found Indigenous peoples who called themselves the Veneciuela. Thus, the name "Venezuela" may have evolved from the native word.

Previously, the official name was Estado de Venezuela (1830–1856), República de Venezuela (1856–1864), Estados Unidos de Venezuela (1864–1953), and again República de Venezuela (1953–1999).

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