The favourite banana republic leftie hero when I was a kid was Chile’s Salvador Allende, perhaps the first Marxist to be democratically elected to office. Sal set a great example — he was killed before he could wreak any more havoc on his lovely country and so is still revered today by the left.
After three years of redistributing wealth like Robin Hood on steroids, the country was hit by a wage freeze, food shortages, a vicious black market, inflation of 140% — while Chile’s debt soared and the government defaulted on its loans. In other words, it was going exactly — exactly — the same way as Venezuela has gone in the past 17 years. That’s all it takes, three years of revolutionary socialist largesse accompanied by the mimsy poetry of Pablo Neruda and the country’s well on the way to being a basket case.
A coup replaced Allende with the very rightish General Augusto Pinochet and Chile’s economy was back to doing just fine, very quickly. Admittedly, Gus also killed a lot of people.