The Nobel Committee says: "As the leader of the democracy movement in Venezuela, this year's peace laureate Maria Corina Machado is one of the most extraordinary examples of civilian courage in Latin America in recent times.
"Ms Machado has been a key, unifying figure in a political opposition that was once deeply divided -- an opposition that found common ground in the demand for free elections and representative government. This is precisely what lies at the heart of democracy: our shared willingness to defend the principles of popular rule, even though we disagree. At a time when democracy is under threat, it is more important than ever to defend this common ground. Venezuela's authoritarian regime makes political work extremely difficult.
As a founder of Smate, an organisation devoted to democratic development, Ms Machado stood up for free and fair elections more than 20 years ago. As she said: "It was a choice of ballots over bullets."
"In political office and in her service to organisations since then, Ms Machado has spoken out for judicial independence, human rights and popular representation. She has spent years working for the freedom of the Venezuelan people."