Abstract
Considering its strong, highly institutionalized two-party system, Venezuela was surely one of the least likely countries in Latin America to experience a party system breakdown and populist resurgence. That traditional party system nevertheless was founded on a mixture of corporatist and clientelist linkages to social actors that were unable to withstand the secular decline of the oil economy and several aborted attempts at market liberalization. Successive administrations led by the dominant parties failed to reverse the economic slide, with devastating consequences for the party system as a whole. The party system ultimately rested on insecure structural foundations; and when its social moorings crumbled in the 1990s, the populist movement of Hugo Chávez emerged to fill the political void. This populist resurgence both capitalized on and accelerated the institutional decomposition of the old order.
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