It worked out wonderfully for Venezuela, so there’s that…
Back in the 90’s, I was working for a company that manufactured parts for refineries. We had an office in Caracas. I met two of the guys that worked down there. They were living large back then. When Chavez nationalized the refineries it started to fall down. Chavez stole the assets that belonged to Chevron, Exxon and others and put political hacks in top positions. Maintenance was the first thing to go. None of these hacks knew the first thing about running a refinery.