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Oil notwithstanding, the costs of Chavez’s policies aren’t subtle. The country’s infrastructure, starved of funds and mismanaged by the president’s cronies, is falling apart. Revenue from oil, a sector run as a presidential fiefdom, is far less than it should be thanks to egregious inefficiency. Power failures plague a country rich in energy. The rule of law is failing and crime is rampant. Foreign investors steer clear, and talented Venezuelans choose between a future on Chavez’s terms or emigration.

Yet Venezuela is a democracy and Chavez is still popular. Indeed, democracy has worked better for him than outright autocracy, which would have aligned domestic and foreign opposition more effectively. Illiberal democracies, under the right circumstances, can be stronger than outright tyrannies. They lend themselves better to divide and rule.

The lessons of Chavez are worth pondering everywhere. Democracy isn’t enough. Illiberal democracy is no oxymoron. Political competition, dispersal of power and commitment to limited government are as important to a country’s political and economic well-being as the vote.

An elected autocrat requires, above all else, a majority of the voting population that relies almost exclusively on him or his party for their livelihood and support.