Hugo Chavez Wins 2012 Venezuelan Presidential Election: Chavez's Fourth Term to Further Socialist Policies, Agenda

In the most hotly-contested election of his 13-year tenure, Venezuelan President Hugo Chavez has won a fourth term in office. Chavez beat his opponent Henrique Capriles with 54.42 percent of the vote in an election that saw a turnout of over 80 percent of the eligible voting population, a record.

"It was a perfect battle all the way down the line," said Chavez in a victory speech. "I congratulate from my heart the more than 8 million Venezuelans who voted for Chavez. More than 8 million compatriots who voted for the revolution, who voted for socialism."

During the campaign, Chavez vowed to double down on his socialist policies if he won, though his challenger Capriles blamed those policies for the country's record inflation and crime rates.

There was some speculation that whoever lost the election might be reluctant to concede defeat in this politically polarized country. But Capriles didn't argue with Chavez's 9-point victory.

"I'm here to recognize and respect the will of the people," said Capriles in a concession speech. "This is a country that has two visions and a good president is one who works for the union of all Venezuelans."

Now that Chavez has cemented another 6-year term, his failing health may become an even more important issue. Chavez has had three surgeries to deal with cancer, and he has no heir apparent to hold his party or the country together if he dies.

Other countries in the region are wary of a power struggle if that happens. "The succession race will begin almost immediately," said Brazilian Foreign Minister Luiz Felipe Lampreia to Bloomberg Business Week. "It could create a problem of instability in the government because it's not clear who his preferred successor is."

But Chavez's win, despite his narrow margin of victory, may also be a win for socialism in Latin America. Ecuador's President Rafael Correa faces a difficult reelection campaign in February of 2013, and Argentina's President Cristina Fernández de Kirchner, a Chavez-style socialist, has seen her approval ratings plummet 40 percent in the last year.

Whether the Chavez victory energizes their supporters remains to be seen.