The NYT accomplishes a rare feat by writing a detailed article about Venezuela without once mentioning the word “socialism”. The only two -isms that appear in the article are, authoritarianism and vigilantism, which appears twice.
It is hard to believe but back in the 1970s Caracas, Venezuela was a regular stop for Concorde as it ferried the super-rich from there to Paris. Youtube has a brief video that documents the flights.
Unfortunately the decline of nation isn’t limited to being caused by socialism. Bahamas managed to go from a being on the jet set circuit in the 1950s to having a crime rate that is now 8-times that of US; almost all of it focused exclusively in Nassau and Freeport.