I don't know what is wrong with these Latin American countries. They elect socialists to power and they indulge in all sort of freebie distribution and destroy the economy. Look at the case in Venezuela. Most of the issues can be resolved, if the subsidy on gasoline is removed and the prices are brought closer to the international rates. But the government doesn't want to do that.
No, not like that. I think this can happen in any country, where as long as the people can be tricked and enticed with the "instant economy" the prospective leaders will surely get it. Even more ironic is, when things have gotten very bad, the leaders will not admit their mistakes before and instead look for scapegoats.
Prefer leaders who have the principle to protect the country's economy by relying on what they do have.