Venezuela is holding an election this Sunday, July 28. There is a real chance that the opposition against President Nicolas Maduro’s authoritarian regime may win. If the opposition wins, a liberalizing Venezuela could offer a chance for the United States to strengthen its position in Latin America.

Maduro has continued the left-wing policies of his predecessor, former President Hugo Chavez. The economy has collapsed over the past decade, as hyperinflation led inflation rates to reach up to 65,000%. Declining oil prices, economic mismanagement, and American sanctions all contributed to the crisis.