"Then oil prices crashed, and Venezuela could not repay its debts. In 1989, the IMF imposed harsh austerity measures and pressured Caracas to support the corporatocracy in many other ways. Venezuelans reacted violently; riots killed over two hundred people. The illusion of oil as a bottomless source of support was shattered. Between 1978 and 2003, Venezuela's per capita income plummeted by over 40 percent."