Maybe democracy does work, at least sometimes.
Popularity of candidates rises and falls, Chavez has simply found the limits of his popularity, he can still get legislation through, but it looks like term limits will end his presidency, although the leftist backlash should still power Venezuelan politics for years to come, especially with the oil fueled revenue stream pouring in to Caracas.

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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”

Adam Smith , The Wealth of Nations 1776

"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address