In 2018, Venezuela’s GDP shrank by 19.6 percent. According to the late Venezuelan anthropologist Fernando Coronil, the ultimate result of the Caracazo protest was the rupturing of the bond between the state and the masses. If they were, Morris argued, why did they vote Chávez to the highest office in the nation in the first place, effectively throwing out the political landscape and ushering in a Venezuelan form of socialism? With Maduro at the helm, Venezuela pushed socialism to its limits, using the country’s vast mineral wealth to spend on whatever the government deemed necessary. America may be a long way from Venezuela’s tragedy, experts say. How Socialism gained a foothold in Venezuela, BE IGNORED' AS WORLD PICKS WHETHER TO BACK MADURO OR SUPPORT OPPONENT GUIADO. From the 1950s to the 1990s, Venezuela’s economy grew at a steady rate, mostly due to the nation’s abundant oil reserves, strong manufacturing base, and robust agricultural sector. The Austrian 3 no. Since the death of George Floyd, America has been awash in violent protests and the sudden rise of radical, far-left political ideology.