The Fifth Republic of Venezuela ( es, Quinta República de Venezuela), commonly known as the Bolivarian Republic of Venezuela ( es, República Bolivariana de Venezuela), is the period in
contemporary Venezuelan history from 1999 with the election of
Hugo Chávez to the presidency and the installation of his
Bolivarian Revolution
The Bolivarian Revolution is a political process in Venezuela that was led by Venezuelan President Hugo Chávez, the founder of the Fifth Republic Movement and later the United Socialist Party of Venezuela (PSUV). The Bolivarian Revolution is ...
, to the present day.
Venezuela has been considered the Bolivarian Republic following the adoption of the new
Constitution of 1999, when the state was renamed in honor of
Simón Bolívar. Since Chávez's election into office, Venezuela developed into a
dominant-party system, dominated by the
United Socialist Party of Venezuela
The United Socialist Party of Venezuela ( es, Partido Socialista Unido de Venezuela, PSUV) is a left-wing to far-left socialist political party which has been the ruling party of Venezuela since 2010. It was formed from a merger of some of the p ...
and where numerous other parties exist. The
2017 Venezuelan Constituent Assembly election
Constituent Assembly elections were held in Venezuela on 30 July 2017 to elect the members of the 2017 Constituent National Assembly ( es, Asamblea Nacional Constituyente; ANC). Unlike the 1999 Constituent National Assembly, which was assembled fo ...
raised concerns of an emerging dictatorship.
Under the Bolivarian government, Venezuela went from being one of the richest countries in Latin America to one of the poorest.
of relying on oil sales and importing goods resulted in large amounts of debt, no change to
corruption in Venezuela
The level of corruption in Venezuela is very high by world standards and is prevalent throughout many levels of Venezuelan society. Discovery of oil in Venezuela in the early 20th century has worsened political corruption. The large amount of ...
and culminated into the
crisis in Bolivarian Venezuela
The crisis in Venezuela is an ongoing socioeconomic and political crisis that began in Venezuela during the presidency of Hugo Chávez and has worsened in Nicolás Maduro's presidency. It has been marked by hyperinflation, escalating starvati ...
.
As a result of the crisis, the
Bolivarian diaspora
The Venezuelan migration and refugee crisis, the largest recorded refugee crisis in the Americas,
*
*
*
* refers to the emigration of millions of Venezuelans from their native country during the presidencies of Hugo Chávez and Nicolás M ...
, the largest emigration of people in Latin America's history,
occurred, with over 4 million Venezuelans – about 10% of the country's population – emigrating.
References
{{reflist
History of Venezuela