One -- that elections matter. Elect a politician promising handouts, as Hugo Chavez did, and watch the country go bust, running out of money in just a few years' time.
And as money ran out, it didn't take long before the government started expropriating from others -- starting with small landholders, owners of small farms, and minor landlords -- and moving on to major industries -- electricity, water, and above all, oil. Worse still, as government power concentrated itself in a few hands, it didn't take long for corruption to gain a foothold, corruption unlike any the hemisphere has seen, with billions stolen by its cronies. Hugo himself died a billionaire by 2013.
Two, fraudulent elections, and even the perceptions of fraudulent elections matter even more. For Venezuela, the wages of Chavez's economic mismanagement, and attempt to coopt the Venezuelan state oil company's union led to huge protests and a recall referendum petition that drew millions of signatures asking to get rid of that guy. The very concept of the recall was placed into the rewritten constitution by Chavez's own cronies, and it opposition took that opportunity to turn it onto Chavez himself. In 2004, after numerous attempts to halt the recall through legal technicalities failed, but absolutely gargantuan demonstrations showed the extent of the popular support for it, the recall happened. Very strangely, it failed. Scientists conducted studies posthumously and said the numbers didn't add up. Locals said their votes were improperly counted or were programmed to vote for Chavez, not his ouster. One theory held that the voting totals were flipped. The recall was monitored by Jimmy Carter's Carter Center, which came out and said all was free and fair, having seen everything for themselves with the small exception of what went on ... in the totalization room. Fraudulent or not, the opposition was shocked, having had its own monitors that found otherwise, but its concerns were dismissed by those who viewed them as rich whites out of touch with vast dark-skinned Venezuelan masses, who still supposedly loved Hugo Chavez. Maybe it was true, some good reporters, such as Juan Forero of the New York Times, who was there, thought so. But the perception of fraud left the opposition so shocked and silent it boycotted the next local election in late 2005 (which I witnessed). By default, Chavez and his Chavistas then took full power in the legislative elections and ran with it, socializing the country even more, coopting the courts, the food supply, the industries, the internet, the once-free press, driving the latter out of business, or forcing television stations to sell to Chavista outlets at rock-bottom prices.
Lesson: Fraudulent, or at least rigged, elections lead to even more horrible consequences than legal elections and once they happen, there is no return. Once fraud became the order of the day, government grew even more unaccountable and tyrannical. The Chavistas then extended their grip on power to intolerable levels as the water and food ran out and the only way out was to leave the country.
Three, immigration matters. One thing not well-known to Americans is that Venezuela, with its historic oil booms and busts, tended to attract a lot of immigrants. The unassimilated immigrants -- from Haiti, the Dominican Republic, Colombia and more -- were often in the country illegally, and when the oil booms ended, retreated to the extralegal shantytowns where they lived in abject poverty with only the infornal economy to sustain them with no property rights and only the law of the gangs and jungle to keep order. Chavez knew he was losing that recall referendum, but in the last few weeks before the recall referendum, extended "citizenship" to millions of the impoverished foreigners. If he really did win that 2004 referendum, it would have been due to such votes.