Venezuela

[CapnAwesome]

Of course. The real question is why were they reduced to being a mono-resource economy?

Because they are a mono resource country. Its not like rich Venezuelans had spent the last fifty years (before Chavez) using their gains from oil money to build up Venezuelan industry. Oh, and if you think the economy is bad because of the current system, think what would've happened if the Venezuelan right had been able ot continue fixing the elections, the US would've tried to use them to break OPEC, like in the 70's and they'd have been in the shitter much quicker and far deeper.

Oh and before anybody goes on I'm no great fan of Chavez, initially I was willing to give him the benefit of the doubt (and he did win elections fairly) but it quickly became clear that he was just another tin pot using socialist rhetoric to bolster his own position.

It's easy to say 'oh well it's not the fault of failed socialism, it's because they are dependent on oil.' Except that part of the reason they are wholly dependent on oil is the failure of Chavez/Soviet style socialism. All of Chavez's scheme's failed to diversify the economy, the same way they failed throughout the 20th century for numerous countries. So they had to fall back on resource exploitation, which is all that was left.