It’s not socialism, per se, that’s the problem for Venezuela. It’s inept, cronyist, cult-of-personality-gone-horribly-wrong socialism, or some version thereof.
One of my students this semester was from Venezuela. His family has had to leave several times, and now only his father is still there, desperately trying to navigate the flames as the country burns to the ground, in an attempt to protect or at least salvage what assets he can from the family business. A business, from what the student tells me, which is still there, more or less, only because of being lucky enough to be necessary to the goons in power in terms of shifting their money around.
It is, though, truly amazing how fast Venezuela went from poster child of “stick it to the yanqui” to poster child for “dumpster fire of a country.”