Betancourt administration (1959–1964)

After a military coup d'état on 23 January 1958 sent General Marcos Pérez Jiménez into exile, Venezuela's three main political parties signed the Punto Fijo Pact. The ensuing elections brought Acción Democrática, which had been the ruling party from 1945 to 1948, back to power under its leader Rómulo Betancourt. Betancourt's government halted grants to multinational oil companies, created a Venezuelan oil corporation, and helped establish OPEC in 1960, an initiative led by Development Minister Juan Pablo Pérez Alfonso. The administration also introduced a new constitution in 1961, dividing the government into executive, legislative, and judicial branches; pursued agricultural reform; and promoted an international doctrine in which Venezuela only recognised governments elected by popular vote.

The new order had its opponents. On 24 June 1960, Betancourt was injured in an assassination attempt led by the Dominican dictator Rafael Leónidas Trujillo.^[3] Around the same time, the left-wingers excluded from the Punto Fijo Pact (Revolutionary Left Movement and Armed Forces of National Liberation) began an insurgency that was backed by the Communist Party of Cuba and its leader, Fidel Castro.

Leoni and first Caldera term (1964–1974)

In 1963, Raúl Leoni was elected to succeed Betancourt as president. Leoni's government became known for public works and cultural development, but was confronted with continuous guerrilla warfare.

Rafael Caldera won the next election.^[4] Before he took office in 1969, the Rupununi Uprising broke out in neighboring Guyana. The border controversy was resolved with the Port of Spain Protocol in 1970. Additionally, a truce with the guerrillas allowed their reintegration into political life.

First Carlos Andrés Pérez term (1974–1979)

Carlos Andrés Pérez took office in 1974, amid an oil crisis that had begun the previous year and had increased the global price of oil from $3 per barrel to nearly $12 per barrel. Venezuela nationalised its iron industry in 1975 and its oil industry the following year.

Herrera Campins and Lusinchi administrations (1979–1989)

Luis Herrera Campins was elected to the presidency in 1979, with the country in deep debt and bound by International Monetary Fund demands. In 1983, the Venezuelan currency, the bolívar, was devalued on what became known as Black Friday, unleashing an economic crisis.^[5] The subsequent government of Jaime Lusinchi did little to counter the crisis. Corruption increased, and the Caldas Corvettes crisis in 1987, sparked by a sovereignty dispute in the Gulf of Venezuela, generated one of the biggest moments of tension between Venezuela and Colombia.^[6]

Second Carlos Andrés Pérez term (1989–1993)

Pérez was elected again in 1988 and, looking to solve the recession, adopted economic measures that set off major protests, the biggest of which was the Caracazo wave of 1989. The same year, Venezuela held its first direct elections of governors and regional mayors.

In February and November 1992, Hugo Chávez led two coup d'état attempts, and in 1993, Congress ousted Pérez. Octavio Lepage served as acting president for about two weeks, at which point the historian and parliamentarian Ramón José Velásquez took over the interim role.

Despite initially rejecting liberalization policies,^[7] his economic agenda was later focused on cutting subsidies, privatizations, and legislation to attract foreign investment. Naím began at the lowest rung of economic liberalization, which was freeing controls on prices and a ten percent increase in that of gasoline,^[8] which in Venezuela is sacrosantly very low. The increase in petrol price fed into a 30 percent increase in fares for public transport^[8] In February 1989, barely into his second term, Pérez faced a series of widespread protests and lootings, which started in Guarenas and later spread to Caracas, known as El Caracazo. The response resulted in the declaration of a state of emergency and led to a large number of deaths, ranging from the official estimate of 277 dead^[9] to over 2000.

Second Caldera administration (1994–1999)

Rafael Caldera campaigned for the presidency and brand-new political movement, called Convergencia. The adecos chose the pardo Claudio Fermín. Petkoff had seen the futility of trying again and backed Caldera. Caldera resulted winner . Abstentions reached a record of 40%.

Caldera assumed the presidency for the second time in 1994^[4] and had to confront the Venezuelan banking crisis of 1994. He re-imposed exchange controls, which Pérez's administration had lifted as part of a general financial liberalisation (unaccompanied by effective regulation, which contributed to the banking crisis). The economy had suffered under the falling oil price, which led to a collapse in government revenues. The steel corporation Sidor was privatized, and the economy continued to plummet. Fulfilling an election promise, Caldera released Chávez and pardoned all the military and civilian conspirators during the Andrés Pérez administration. The economic crisis continued, and by the 1998 presidential election the traditional political parties had become unpopular; an initial front-runner for the presidency in late 1997 was Irene Sáez. Chávez gained popularity amid the financial turmoil and was elected president in 1998.^[11] His administration promoted a new constitution, which was approved by referendum in December 1999.^[12] The adoption of the new constitution in 1999 ended the bipartisanship, establishing the Bolivarian Republic of Venezuela.