Following the fall of Marcos Pérez Jiménez in 1958, Venezuelan politics were dominated by the Third Way Christian democratic COPEI and the center-left social democratic Democratic Action (AD) parties; this two-party system was formalized by the puntofijismo arrangement. Economic crises 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 impeachment of President Carlos Andrés Pérez for corruption in 1993. A collapse in confidence in the existing parties saw the 1998 election of Hugo Chávez, who had led the first of the 1992 coup attempts, and the launch of a "Bolivarian Revolution", beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela.
The opposition's attempts to unseat Chávez included the 2002 Venezuelan coup d'état attempt, the Venezuelan general strike of 2002–2003, and the Venezuelan recall referendum, 2004, all of which failed. Chávez was re-elected in December 2006, but suffered a significant defeat in 2007 with the narrow rejection of the Venezuelan constitutional referendum, 2007, which had offered two packages of constitutional reforms aimed at deepening the Bolivarian Revolution.
There are currently two major blocs of political parties in Venezuela: the incumbent leftist bloc United Socialist Party of Venezuela (PSUV), its major allies Fatherland for All (PPT) and the Communist Party of Venezuela (PCV), and the opposition bloc grouped into the electoral coalition Mesa de la Unidad Democrática. This includes A New Era (UNT) together with allied parties Project Venezuela, Justice First, Movement for Socialism and others.
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