I don't think so. Our current blend of free market capitalism and social programs is not something our voters are likely to vote away anytime soon. It's just a little out of whack in that the freedom we give to the corporate sector isn't being used responsibly, it serves the very few at the top of the food chain. If a little more value was given to employees then there's enough money for everyone to get ahead.
MAY 9, 2019
PATRICK J. KIGER
It wasn’t that long ago that Venezuela, which possesses the
world’s largest crude oil reserves, was a relatively stable democracy with one of Latin America’s
fastest-rising economies. It was a nation so awash in petroleum revenues that the socialist government of the late former President
Hugo Chavez spent huge amounts on social programs and, at one point, even
provided free heating oil for impoverished Americans.
But starting in 2014, the South American nation began suffering a startling collapse. With Venezuela’s
gross domestic product plummeting even more than the United States during the Great Depression, many of its
nearly 32 million inhabitants became
unable to afford food, and
resource-starved hospitals did not have enough soap and antibiotics.
Meanwhile, Venezuela’s political system spiraled into turmoil. President Nicolás Maduro, whose 2018 reelection was
tainted by accusations of irregularities and voter intimidation, faced massive street protests and
survived a spring 2019 military uprising instigated by opposition politician
Juan Guaido, leader of the elected National Assembly whose legislative powers were
taken away by Maduro’s regime in 2017.
How is it that Venezuela sank so far in such a short time? Scholars who’ve studied the country say its rise and fall was caused by a combination of factors.
“Venezuela has long been dependent on oil revenues, and the Bolivarian revolution of Hugo Chavez did not fundamentally alter that situation,” explains
Jo-Marie Burt, an associate professor of political science and Latin American Studies at the Schar School of Policy and Government at George Mason University. “The decline of oil prices, the massive social spending of the Chavez and Maduro governments,
U.S. sanctions, and a combination of economic mismanagement and corruption at the top have contributed to the economic collapse.”...
More
https://economics21.org/how-socialism-destroyed-venezuela
How Socialism Destroyed
Venezuela Many in the media have blamed
Venezuela's worsening humanitarian crisis on corruption, mismanagement, falling oil prices, or U.S sanctions —anything but the rise of socialism in what was once the wealthiest country in South America.