Venezuela used to be much wealthier than Poland, which was suffering under socialism. Then Poland implemented free-market and capitalist principles and enjoyed an economic boom.
Venezuela chose socialism, which brought poverty and misery to its people.
That’s the difference.
Venezuela followed the typical populist route. It nationalized oil in 1976, and shortly afterwards, its long era of economic expansion came to an end.
In the 2000s, under Chavez's socialist government, steel, telecoms and electricity were also nationalized, and henceforth Venezuela collapsed.
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