FYI the Venezuelan "Socialist administration" failed spectacularly when they fired 18 thousand striking oil workers en-masse and caused the collapse of the entire Venezuelan economy (~27%GDP contraction in half a year) directly afterwards when the oil production fell by more than 90%.

Chavez literally mass fired more striking workers than Reagan fired air traffic controllers (18k oil workers vs 12k ATC)


The current sanctions are no doubt a significant reason why Venezuelan economy is still in such a bad shape but it's not the reason why it got there in the first place.

Government tyranny (worker suppression and human rights abuses), extreme incompetence (betting on oil prices staying high and spending all government surplus on welfare programs among other things) and bad luck (oil price crashing to historic lows) are the biggest reasons why the country is so fucked up today.