The lesson of Hugo Chávez's 14 years in power is exactly the lesson Alexis de Tocqueville tried to teach us nearly 200 years ago: that democracy's flaws are not self-correcting. A despot who claims the support of the people can rule indefinitely, exercising a kind of tyranny that makes even absolute monarchy look tame.
In the U.S. we have become accustomed to thinking of democracy as a sort of stable state, because the Framers of our Constitution were students of Montesquieu and Locke, and understood both the need for checks and balances, as well as the fundamental importance of individual liberty. But even their system is not infallible.
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