Pérez Jiménez was forced out on 23 January 1958. In an effort to consolidate the young democracy, the major political parties (with the notable exception of the Communist Party of Venezuela) signed the Punto Fijo Pact. Democratic Action and COPEI would dominate the political landscape for four decades.
The 1960s saw substantial guerilla movements, including the Armed Forces of National Liberation and the Revolutionary Left Movement, which had split from Democratic Action in 1960. Most of these movements lay down their arms under Rafael Caldera's presidency (1969–74); Caldera had won the 1968 election for COPEI, being the first time a party other than Democratic Action took the presidency through a democratic election.
The election of Carlos Andrés Pérez in 1973 coincided with the 1973 oil crisis, which saw Venezuela's income explode as oil prices soared, while oil industries were nationalized in 1976. This led to massive increases in public spending, but also increases in external debts, which continued into the 1980s when the collapse of oil prices during the 1980s crippled the Venezuelan economy. As the government started to devalue the currency in February 1983 in order to face its financial obligations, Venezuelans' real standard of living fell dramatically. A number of failed economic policies and increasing corruption in government led to rising poverty and crime, worsening social indicators, and increased political instability. Corruption remains a problem; Venezuela was ranked near the bottom of countries in the Corruptions Perceptions Index in 2009.
Economic crisis in the 1980s and 1990s led to a political crisis which saw hundreds dead in the Caracazo riots of 1989, two attempted coups in 1992, and the impeachment of President Carlos Andrés Pérez (re-elected in 1988) for corruption in 1993. Coup leader Hugo Chávez was pardoned in March 1994 by president Rafael Caldera, with a clean slate and his political rights intact
