Another form of socialism is planned economy, which is only one sustainable model for some nations that for the unknown reason cannot successfully live in the market conditions. It may be some genetic traits, mentality etc but always when you try to establish laissez-faire policies here, these countries return to the pre-modern level. Before USSR collapse some African countries had a planned economy and rather high quality life, but now they are fully impoverished. Without oil and gas revenues Russia also would be at the level of Sierra Leone now.
Though I agree with what your post on the whole, just a warning. When making comparisons, check what you are comparing against. Sierra Leone is among the top ten diamond producing nations and a major producer of gem-quality diamonds, also rich in other minerals. Thus being rich in natural resources doesn't guarantee the country can't be impoverished...