Without reconciliation between the Venezuela within and the Venezuela abroad, social fragmentation will continue to limit any attempt at sustainable national reconstruction.
The oil boom has ceased to translate into effective power, revealing the structural limits of a model without institutions or a sustainable productive base.
After Maduro’s fall, Venezuela faces the dilemma of abrupt transitions: how to prevent the end of authoritarianism from giving rise to new forms of unstable or extractive power.
The reactivation of Venezuelan oil opens an opportunity for Latin America to capture value not only in extraction, but also in industry, services, and finance.
A potential democratic transition in Venezuela requires more than elections: it requires rebuilding the rules, the institutions, and the guarantees of the electoral system.
