Looks ike the Zimbobwe Syndrome to me.
I think a better analogy is to Allende. He inflated social spending and then the currency, dramatically increased economic controls and got economic chaos for his troubles. Within months the middle class and ultimately the other 2/3 of the Chilean government were demanding his removal, and of course Gen. Pinochet soon obliged them.
Chavez has two advantages Allende did not. First, he engineered a takeover of the other branches of the government soon after coming to power, giving domestic opposition few formal outlets. Second, he benefits from tremendous oil prices rises that had no parallel in early 1970s Chile. So he might be able to keep it going for awhile.
The key question is whether Venezuela is far enough down the road to fascism to roll over what will be rising middle-class opposition.