As democracy erodes, charismatic leaders take advantage of social unrest to consolidate a hybrid model: authoritarian capitalism with a populist face. From Trump to Bukele, passing through Milei and Noboa, a generation emerges that embodies an era where economic stability outweighs democratic values.

In the international media, the Venezuelan government is still often referred to with the prefix ‘socialist’. Inside the country, a disorderly deregulation process is...