A year ago, Venezuelan President Hugo Chávez seemed to be at the height of his power. After winning a big election victory last December, an ebullient Mr Chávez announced the beginning of a “new era” and “the extension of the revolution towards socialism”.

A month later, Mr Chávez nationalised the telecommunications and electricity industries and tightened state control of the oil industry, kicking off a relentless period of radicalisation. Far-reaching proposals were launched to devolve decision-making to new community councils, in what he said would be an “explosion of popular power”. A new socialist party was formed to advance the Bolivarian revolution, named in deference to Simón Bolivar, the 19th-century independence hero.