This is beyond the flaws or benefits of socialism, this is about people in power who are completely inept to run a country, who only got there because they kissed Chavez's ass, and I'm not talking just about Maduro.
well, for one they're AFAIK primarily known for their oil production at a time when oil prices have been dropping like a rock for nearly a year to almost half of what it was going for.
Products shortages began way before the recent oil price drop.
I really hope Venezuela can recover, but the short term future looks bleak, it's disheartening knowing they had oil in times of peak prices, they should be somethig like the Norway of Latinamerica, but Chavez and his followers were catastrophic.