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This collapse can be traced back to 1999 when the socialist Hugo Chavez became president. The Supreme Court tried to strip the countrys National Assembly of its powers in March 2017 a. Crisis In Venezuela Wikipedia Two decades after Hugo Chavez vowed to lift up the poor and promised a better future for all Venezuelas once prosperous economy is in shambles citizens. Venezuela socialism timeline . How did we get hereCorrection at 158. Venezuela is seen as a natural experiment in the effectiveness of socialist economics and the catastrophic results are treated as definitive proof that left ideas are recipes for calamity. However in the last four years their economy has shrunken by 35. How Socialism gained a foothold in Venezuela Venezuela was once the wealthiest country in South America but in recent years millions have fled the country amid mass starvation and violence after. Socialism can result in diverse outcomes that range from the economy of Norway to that of Venezuela