“Elites using the profits from the oil industry to control democracy in Venezuela does not even…
Steve Foerster
2

The elites were capitalists, not socialists, and then you went from socialism to feudalism. You acknowledged before Chavez there was a kind of Latin feudalism, which is completely different from socialism, and it completely contradicts what you just said earlier.

socialism

noun

  1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. (This did not happen in Venezuela. There were still rich and poor, and the rich capitalists still controlled everything. In your own words, it was a kind of feudal set-up before Chavez.)
  2. procedure or practice in accordance with this theory.
  3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. (Again, this did not happen, at all. We never moved to a post-capital, post-class society anywhere in the world.)

state capitalism

noun

  1. a form of capitalism in which the central government controls most of the capital, industry, natural resources, etc. (This is a more precise definition of Venezuela’s oil-based economy.)

The article made very clear Venezuela had a state capitalist society of which the elites profited.

This statement you made below was also in error.

“But the reason that Venezuela became dependent on a single resource is that the corruption and incompetence that accompanied its transition to socialism destroyed all other sectors of the economy.”

Chavez and his administration went through great lengths to transform the economic situation in Venezuela and create a strong agricultural sector while creating greater social and economic equality.

• Land Reform is the traditional third rail of left-of-center governments and social reform movements.
• President Hugo Chavez’s plan is fundamentally different from other Latin American attempts at land reform. The proper historical parallel is President Lincoln’s Homestead Act.
• Chavez’s opponents, who see him as “another Castro,” wrongly view his agrarian reform program as a total assault on private property.
• Land Reform is one of the most progressive aspects of Chavez’s “Bolivarian Revolution” as it seeks to alter the fundamental power structure of the landed versus the landless, reduce Venezuela’s dependence on foodstuff imports, and redress the country’s disastrous experience with the “Dutch Disease.”
• The government should concentrate more on shoring up the agricultural base of the public lands it already has distributed to peasant cooperatives, rather than draw a premature bead on private lands. — https://venezuelanalysis.com/analysis/963

I strongly recommend you do further research in these matters instead of relying on antiquated Cold War propaganda and political and party slogans. You may be pleasantly surprised by what you find.

socialism. (n.d.). Dictionary.com Unabridged. Retrieved November 5, 2016 from Dictionary.com website http://www.dictionary.com/browse/socialism

state capitalism. (n.d.). Dictionary.com Unabridged. Retrieved November 5, 2016 from Dictionary.com website http://www.dictionary.com/browse/state-capitalism