long story short, it's partly to do with taking socialism too far, but mostly to do with filling jobs with loyal yes-men rather than people who are actually good at the job. meritocracy is important!
replying to comments here since i can't do it normally...
grot: no, the same thing happened in greece. they're as democratic as possible and still they had people employ and promote their family members and friends into the top jobs with the highest salaries, instead of those with best objective results, and though not as bad as venezuela because they did have some restrictions slowing down the yes-man brigade, the country is doing terribly.
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(Old Spike)
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(Long Spike)
Eventually we will learn which countries and international organizations have done what things in Venezuela and who the capitalists of the country work for. I mean, it's already known sure but there's a difference between something being a fact and it being publicly aknowledged by all necessary parties. Things which didn't help the overburdgeoning bureacracy of the new Bolivarian republic to get things done properly. Had Hugo Chavez lived things might have been different as the people who followed didn't seem to posess the same type of ideas and zeal.
Things the Venezuelan government took included things like vast golf courses that were to be turned into public housing. Not surprised a clip about 'how Venezuela fucked up' didn't mention such a thing.