...Lots of people these days love to point to Venezuela and it's failure. But really, those in charge were morons and put all their eggs in one basket. They viewed oil prices in the same way wall street viewed the housing bubble leading up to 2008. Saying their socialism proves it's a failure when they were inept is just foolish....
I think it's quite the opposite. Give inept leaders to socialism, get catastrophic economic results. This is at the least, a flaw of socialistic systems.
It's been noted before, numerous times historically. EG, Russia and their famous "Five Year Plans."