Venezuela wasn't a real Socialist country. It is a federalist republic, with some democratic and some socialist spending policies although admittedly much more so than we have in the United States. The real cause of this economic chaos in Venezuela is not even the Socialist spending policies, which admittedly did not help the matter. Most economists point to bad currency practices and decades of dependence on oil revenues in place of actual capitalist or socialist earnings collected from taxes. Basically they funded themselves very similarly to the Saudi's (which btw are a royal monarchy but really more like a dictatorship) only they did it much poorer.
The real straw that broke the camel's back is that about 2 year ago they started devaluing their fixed rate currency in an attempt to stifle high inflation rates of necessities, which was in turn directly linked to their dependence almost entirely on oil sale, which cause Venezuelan imports of many types of goods to plummet. So they devalued this fixed rate currency, which btw is not a socialist ideology, it is a universal one that many different types of governments have used including yet again Saudi Arabia to control drastic rise in inflation. However, there was one problem with this, another bizarre government policy which was also not a socialist natured policy... it is that the currency must essentially be purchased only through the government, it can not be bought or traded at a typical currency exchange like in most other countries. This led over several decades to the support of a black market on Venezualan currency. So guess what happened when they greatly devalued their currency to stave off inflation about 2 years ago? The corrupt black market that their irresponsible and bizarre currency circulation policy basically imploded because people attempted to trade up for the far more valuable US currency on the black market.
This is the real cause of Venezuela's drastic economic spiral into oblivion. I'm not that big a fan of straight up socialist governments, I think proper governments should have a mixture of good policies from many different forms of social policies. We do this extremely effectively here in America and have done so since the early days of our country in one fashion or another. To simply say "VENEZUALA HAD SOCIALISM LOOK WHAT HAPPENED" is uninformed knee jerk reactionism. It is what leads to ignorant hate and confusion and polarization by people who gobble up everything they are told in the media.
Just finished reading it. It's a pretty interesting and straightforward paper. I'd have more input if I had read all of the works mentioned, but I like how the argument is structured and formulaic, just as the argument in any effective piece of writing should be.
Yeah, the subject matter is not very widely read. There's nothing wrong with that, though.