During the 1960's and 70's the two most stable countries in Latin American were Mexico and Venezuela. Both countries enjoyed political stability and economic progress through these two decades. The relative similarities between these two countries stability and political/economic conditions also meant, however, that both of them would suffer in the 80's and 90's. As in most countries the key to political stability in Mexico and Venezuela lie in the economic stability and prosperity. This meant that with the overall economic fallout in Latin America in the 80's, which hit Mexico and Venezuela particularly hard, would send both countries into a period of deep political instability. In retrospect both countries needed to shift their economic policies from an inward (ISI) approach to a more outward (EOI) approach. This would have helped both weather the economic problems in the 80's and in turn retaining their political stability.
It is no secret that the most important factor in a country maintaining political stability is the consistent stability of their national economies. With a stable and progressive economy the government is able to redistribute funds and provide more social programs for the lowest part of a population. Throughout history, and particularly in Latin America, the largest section of the population was also the poorest. Neglect .
towards this section of the population usually causes them to fight for better treatment and causes deep political instability. The healthy economies in Mexico and Venezuela allowed the government to keep all section of the population relatively happy and enjoy political stability in the 60's and 70's. During this time both countries were using ISI as their economic system. This system was designed to keep out foreign trade and competition and using manufacturing to supply the domestic market. The only major exports were in the form of primary goods (raw materials).