Actually, Venezuela is an object example what happens when you convert one of the best capitalist economies in South America to socialism.
Venezuela is awash in resources: oil, minerals, etc. But, in less than two decades, they have squandered everything and don't even have enough toilet paper. However, with a critical shortage of food, perhaps they don't need it.
I'm thinking about printing up some stickers that say something like: "Socialism works Great in Venezuela!", and stick them on every Sanders bumper sticker I see.
I've already pointed out to several people: Nearly every attempt at socialism has turned into Venezuela. They resort to an authoritarian dictatorship to crack down on dissidents when things turn sour, and eventually there's a revolution.
The usual comeback is: "But what about Europe?". European countries, almost without exception, are not socialist. They have higher-cost welfare (and taxes), but there's a capitalist economy underneath that pays for it.
The only way a European country has been able to sustain socialism is an outside source of revenue. Norway gets a large part of government funding from a state-run oil company operating offshore rigs. Greece has only lasted as long as it has, by borrowing money from other EU countries -- and that's about to be cut off.
Good points; also, we are becoming an object example of what happens when you convert one of the best capitalist economies in North America to socialism...