How socialism turned Venezuela from the wealthiest country in South America into an economic...

This is actually the Cuban or former Soviet version of Socialism. Where the victim country obtains an existing slave state as a mentor (in the case of Venezuela it was Cuba) and is slowly turned into a slave state via one sided trade agreements, barter agreements (Venezuelan Oil for Cuban Labor and Cuban Secret Police) and an increased and heavier debt load due to an arms buildup or internal police force buildup the country can ill afford. Cuba is still paying interest on debt on Arms it bought from the Soviet Union in the 1960's. Nicaraqua is doing the same for arms it bought in the 1980's. Besides selling Oil at artificially inflated prices as a direct result of it's planned military interventions, the Russians make money in heavily one sided arms and trade deals. Usually they are approached by countries the United States refuses to sell arms to and have no other option.........which of course raises the price and finance terms the Russians will charge for their arms. It's no secret anymore and the Cubans actually blurted it out publicly in a warning to Nicaraqua to not buy Russian arms on the installment plan.

Significant amounts of Venezuelan Oil have been taken off the market via barter agreements with Cuba, for Cuban Doctors, Teachers, and Secret Police / consultants. Another chunk was taken off the market in a barter agreement to Nicaraqua in return for a favorable trade agreement. A third chunk was taken off the market in that they have not invested back in the Oil fields via Western Technology and they are not producing anywhere near the level they were before Cuba became a "friend" of Venezula. Most of this was planned by the Russians. The Barter agreements take oil off the market and serve to preserve cash for arms deals with further destabilize the region with immigrants out of areas of conflict or increasing totalitarianism. Russians get enriched because their terms are only rarely barter but typically cash and carry. Though the Russians barter with Cuba because it's strategic value on the doorstep of the United States.

I lived in Venezuela in the early 60s. I loved it then and wouldn't go back now.