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The controls meant that many Venezuelan businesses stopped production because they no longer made a profit, eventually resulting in shortages.
In the 20th century Venezuela was transformed from a relatively poor agrarian society to a rapidly urbanizing one, a condition made possible by exploiting huge petroleum reserves. These changes, however, were accompanied by imbalances among the country’s regions and socioeconomic groups, and Venezuela’s cities swelled because of a massive and largely uncontrolled migration from rural areas, as well as mass immigration, much of it illegal, from Colombia and other neighbours.
More than seven million Venezuelans have left their homeland since 2015 amid an ongoing economic and political crisis, according to new UN data.
Despite attempts by Mr Guaidó to get the military to switch their allegiance to him, the armed forces have remained largely loyal to President Maduro, whose socialist party has also got a firm grip on the electoral body and the supreme court.
Yet claims of fraud were still bubbling up — including from right-wing voices in the United States.
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Maduro to ditch some extreme policies like price and currency controls. The private sector was given an increasingly prominent role, public attacks against business owners had stopped and hyperinflation and rampant crime subsided somewhat.
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In February, defying a travel ban against him by the Maduro government, Guaidó went to Colombia, where international aid in the form of food and medicine was being stockpiled in the border town of Cúcuta. The aid was blocked from entering Venezuela because Maduro claimed it was masking a coup attempt. When a group of demonstrators led by Guaidó attempted to act as a shield to peacefully guide aid-bearing trucks through the blockade on February 23, Venezuelan security forces turned them back with tear gas and rubber bullets as violence exploded.
Porras (Maduro's former chief of staff) said in 2019 that Maduro "delivered practically nothing in terms of public policy, in terms of direction" during his first term because, in Porras' opinion, "he does not have a clear vision for the country. He is very much focused on consolidating his power among his own peers in Chavismo and much less on exercising or implementing a strategic vision for the country.
The charge was grounded in accusations of election fraud against a trio of legislators who pelo longer served in the National Assembly but who the court charged had not been adequately prosecuted by legislative leaders. International condemnation of the action was swift and widespread, and, before a week had passed, Maduro compelled the court to revoke its declaration.
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The move was a direct challenge to the power of President Maduro, who had been sworn in to a second six-year term in office just two weeks previously.
While he managed to reduce inequality during his time in power, some of the socialist polices he brought in backfired. Take price controls, for example, which were aimed at making basic goods more affordable to the poor by capping the price of flour, cooking oil and toiletries.