However Prieto's subsequent electoral run, in the 1978 Venezuelan presidential election (the party endorsed Jesús Ángel Paz Galarraga [es] in 1973), achieved only just over 1% of votes.

The political basis and ideologies of the party were declared by its founder, Luis Beltrán Preito Figueroa, in his thesis Del Tradicionalismo a la modernidad.

At the same time, he claimed that socialist democracy implied that they would create a plan for the economy to benefit the common good, and distribute wealth with regards to the work each individual completes.

The MEP was born from a leftist sector of Democratic Action (AD) in 1967 as a result of internal struggles in the party over the presidential elections.

Because of this, the president of the AD, Luis Beltran Figueroa decided to retire from the organization along with many other notable leaders, such as Jesús Ángel Paz Galarraga.

This signified the third division of the AD all within the decade, but the creation of the MEP is considered the most successful due to their leading figures and the powerful positions they achieved in the presidential and parliamentary elections of 1968.

Before this event, a leftist party emerged that proposed changes to a democratic socialist system and national liberation, which signified putting power in the hands of the working class and workers from both the city and the countryside.