BOGOTÁ, Colombia — The widely circulated videos seemed to capture a presidency in free fall.

One shows President Nicolás Maduro of Venezuela chased by a hungry mob brandishing pots and pans in 2016. In another, Mr. Maduro enters a plaza before Election Day in May to drum up a crowd — but finds the square practically empty. Then there are the images from this past week: As the president’s stage shakes from an explosion on Saturday, hundreds of troops break ranks and flee in panic.

This portrait of vulnerability comes as Venezuela faces the biggest economic crisis in its modern history.

And yet, Mr. Maduro has remained in power. Many are now wondering whether he hasn’t only held on in spite of the disasters, but perhaps, by some measure, because of them.

“There’s an area between democracy and outright dictatorship in which economic crises can actually help the leader consolidate power,” said David Smilde, a sociology professor who studies Venezuela at Tulane University.