The Venezuelan Elections of July 28, 2024: A Case Study in Democratic Governance
August 6, 2024
On Sunday, July 28, 2024, elections were held in Venezuela. Nicolás Maduro was declared the winner, but the results were not publicly disclosed. The opposition is convinced they won the elections with approximately 70% of the votes. The situation in the country became turbulent, and international pressure for transparency increased. Venezuela serves as a classic example of how democratic governance can go astray.
1998 Hugo Chávez was elected president, and his term began in 1999. After his death, Chávez appointed Maduro as his successor. Under this public governance, corporate governance and civil society also underwent transformations. Take, for example, the once globally leading PDVSA, which is now a corporation that is merely a shadow of its former self. Many attribute this decline to the socialist experiment, but the issue lies less with the model and more with integrity. Unfortunately, the country is one of the most corrupt in the world, leading 7 to 8 million Venezuelans to leave their homes.
The Lessons from Venezuela: One of the critical lessons from Venezuela is that failing to cherish and defend democracy and governance results in their loss, often permanently. Venezuela, one of the richest countries in the world with possibly the largest oil reserves, presents a stark contrast between potential and reality. According to the National Survey of Living Conditions (Encuesta Nacional de Condiciones de Vida) from 2019–2020, the average income of a Venezuelan was 72 US cents per day. Based on this data, 96% of the population lived in poverty, and 70% in extreme poverty.
The Venezuelan situation highlights the importance of integrity and transparency in governance. Without these core principles, even the wealthiest nations can succumb to poverty and corruption, leading to widespread suffering and displacement. The international community must recognize these signs and work towards supporting and reinstating democratic governance where it falters.
Miguel Goede
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