linguistic:voice_change, structural:reformatting, linguistic:translation, quality:corruption
Bolivarian government under Chávez: 1999–2013

A collapse in confidence in the existing parties led to Hugo Chávez being elected president in 1998 and the subsequent launch of a "Bolivarian Revolution", beginning with a 1999 constituent assembly to write a new Constitution. The Revolution refers to a left-wing populism social movement and political process led by Chávez, who founded the Fifth Republic Movement in 1997 and the United Socialist Party of Venezuela in 2007. The "Bolivarian Revolution" is named after Simón Bolívar. According to Chávez and other supporters, the "Bolivarian Revolution" sought to build a mass movement to implement Bolivarianism — popular democracy, economic independence, equitable distribution of revenues, and an end to political corruption. They interpret Bolívar's ideas from a populist perspective, using socialist rhetoric. This led to formation of the Fifth Republic of Venezuela, commonly known as the Bolivarian Republic of Venezuela, that continues to the present day. Venezuela has been considered the Bolivarian Republic following the adoption of the new Constitution of 1999. Following Chávez's election, Venezuela developed into a dominant-party system, dominated by the United Socialist Party of Venezuela. In April 2002, Chávez was briefly ousted from power in the 2002 Venezuelan coup d'état attempt following popular demonstrations by his opponents, but Chavez returned after two days as a result of demonstrations by poor Chávez supporters and actions by the military. Chávez remained in power after an all-out national strike that lasted from December 2002 to February 2003, including a strike/lockout in the state oil company PDVSA. Capital flight before and during the strike led to the reimposition of currency controls. In the subsequent decade, the government was forced into currency devaluations. These devaluations did not improve the situation of the people who rely on imported products or locally produced products that depend on imported inputs, while dollar-denominated oil sales account for the majority of exports. The profits of the oil industry have been lost to "social engineering" and corruption, instead of investments needed to maintain oil production.

Chávez survived further political tests, including an August 2004 recall referendum. He was elected for another term in December 2006 and for a third term in October 2012. However, he was never sworn in due to medical complications; he died in March 2013.