Fifth Republic Movement
Venezuela historiography recognizes four "republics," or major regime changes since the country was founded in 1811. The First Republic, known as the "Venezuelan Confederation" lasted until 1812. The Second Republic is the restored republican regime that was instituted by Simón Bolívar after his Admirable Campaign in 1813, and which lasted until 1814. The Third Republic refers to the period after 1816 in which various patriot guerrilla bands joined under Bolívar's leadership in the Llanos of Venezuela and set up an independent government. This process culminated in the Congress of Angostura, but shortly thereafter the Congress declared Venezuela to be part of a larger Gran Colombia. Gran Colombia lasted only a decade and at its dissolution Venezuela became once again the "Republic of Venezuela," which is considered the start of the Fourth Republic. In 1864 the country was then restructured into the "United States of Venezuela", before reverting once again to the name, "Republic of Venezuela" in 1953. Although both periods began with the implementation of new constitutions (the fourth and twenty-fourth constitutions, respectively), both have been deemed by Venezuelan historiography as a continuation of the Fourth Republic.
Venezuela
Oil was discovered in the early 20th century, and today, Venezuela 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. The 1980s oil glut led to an external debt crisis and a long-running economic crisis. Inflation peaked at 100% in 1996 and poverty rates rose to 66% in 1995 as (by 1998) per capita GDP fell to the same level as 1963, down a third from its 1978 peak. The recovery of oil prices in the early 2000s gave Venezuela oil funds not seen since the 1980s. The Venezuelan government under Hugo Chavez then established populist social welfare policies that initially boosted the Venezuelan economy and increased social spending, temporarily reducing economic inequality and poverty in the early years of the regime. However, such populist policies later became inadequate, causing the nation's collapse as their excesses—including a uniquely extreme fossil fuel subsidy—are widely blamed for destabilizing the nation's economy. The destabilized economy led to a crisis in Bolivarian Venezuela, resulting in hyperinflation, an economic depression, shortages of basic goods and drastic increases in unemployment, poverty, disease, child mortality, malnutrition and crime. By 2017, Venezuela was declared to be in default regarding debt payments by credit rating agencies. In 2018, the country's economic policies led to extreme hyperinflation, with estimates expecting an inflation rate of 1,370,000% by the end of the year.
Venezuela is a charter member of the UN, OAS, UNASUR, ALBA, Mercosur, LAIA and OEI.