This finding, however, is at odds with an important body of literature on oil and
democracy in Venezuela. Scholars have emphasized different mechanisms through
which oil shaped Venezuelan political development, yet the idea that oil rents promoted
democratic stability has been an important part of the received wisdom about Venezuela
– which, until fairly recently, was one of the most stable democracies in Latin America. As democratic regime after regime in post-war South America fell to authoritarian coups,
oil-rich Venezuela seemed an important regional exception. By the mid-1980’s,
Venezuela had become an exemplar for democrats all over Latin America, and for many
analysts, oil rents had played a crucial role in fostering the country’s democratic
stability.