The Punto Fijo Pact

The Punto Fijo Pact, established in Venezuela in 1958, was an agreement among major political parties to promote democratic stability after years of dictatorship. It included the Acción Democrática, COPEI, and the Union Republicana Democrática parties, committing them to share power, respect election results, and avoid political violence. This pact aimed to foster consensus in governance and economic policies, ensuring cooperation among different political factions. Although it initially helped stabilize democracy, over time it faced criticism for fostering corruption and limiting political diversity, which contributed to various crises in Venezuelan politics later on.