Venezuela in 1992 was semi-socialist, it had a state-run oil company, but it wasn't part of the Communist Bloc (for lack of a better term). Chavez aligned his c

Venezuela in 1992 was semi-socialist, it had a state-run oil company, but it wasn't part of the Communist Bloc (for lack of a better term). Chavez aligned his country with China and Russia to the detriment of his own people and his own countries' ability to produce oil. Communism is basically a political syndicate the masquerades as an economic system. Venezuela's oil production has been collapsing for over two decades and much of what remains is basically Chinese/Sinopec owned production that Chavez sold them back in '06 or so in exchange for _loans_ for their social services programs. According to a friend of mine who was working down there they were flying workers in to work the rigs and flying them home to spend their money. Having the government run the markets, even when an emergency dictates it, is a process that attracts the corrupt.