If you remember, in 2007, Hugo Chavez, as President of Venezuela announced “All that was privatized, let it be nationalized.” Chavez was talking about nationalizing (government control) companies in the telecommunications and electricity industries. Of course, the major oil company was nationalized soon after.
If you were taught factual history instead of the whitewashed bullshit, you would have seen this is where Venezuela started declining. The bottom dropped out of their economy when the oil prices fell and the bureaucrats didn't know what to do. It started getting bad when Venezuela couldn't pump and refine enough oil for domestic use, let alone to the rest of the world.
You should know the rest of the story. In 2016-2017, Venezuelans lost an average of 19 pounds because they were starving. Bakers forced to make bread at gunpoint because they wanted to make pastries. Hyperinflation, worthless currency, massive refugee crisis and all that.
The other day, Bloomberg reported that Venezuela has given up on their "Socialist Utopia" and started privatizing businesses and industries again.
What this means is another example of failure to heap upon the dumpster fire known as "Socialism."