History
The coast and interior were home to Carib, Arawak, and other peoples when Columbus reached the mainland here in 1498; the name "Venezuela" — "little Venice" — is usually traced to stilt villages seen on Lake Maracaibo. Spain ruled the region from Caracas, and it became the launchpad of South American independence: Simón Bolívar, born in Caracas, led the wars that freed Venezuela, Colombia, Ecuador, Panama, Peru, and Bolivia, briefly uniting several as Gran Colombia before it broke apart in 1830.
The nineteenth century was dominated by caudillos (strongmen). Oil, found in commercial quantities around Lake Maracaibo in the 1910s, made Venezuela one of the world's top exporters and, for decades, the richest country in Latin America, though the wealth was unevenly shared. A stable two-party democracy from 1958 frayed amid corruption and the 1980s debt crisis, and the 1989 Caracazo riots, put down with hundreds of deaths, marked a turning point.
Hugo Chávez, a former coup leader, won the presidency in 1998 and launched the "Bolivarian Revolution" — a self-described socialism funded by high oil prices, with wide social programmes, growing state control, and sharp polarisation. After his death in 2013, Nicolás Maduro took over as oil prices fell, and the economy collapsed: hyperinflation, a contraction of around three-quarters of GDP, shortages of food and medicine, and the flight of nearly eight million people, one of the largest displacement crises in the world. The 2024 presidential election was claimed by Maduro but widely regarded, including on the basis of published tally sheets, as won by the opposition; a crackdown followed. Venezuela has also revived its long-standing claim to the Essequibo region of neighbouring Guyana, raising regional tensions.
- Venezuela: The Oil State That Broke Down — The birthplace of Simón Bolívar and, for most of the 20th century, one of Latin America's richest and steadiest democracies — undone by dependence on a single commodity, and since 2013 the scene of an economic collapse and a mass exodus with few peacetime parallels
