That's what killed both the power and oil industries in Venezuela. State ownership of the means of production means party ownership, which means plunder by politically connected incompetents. They can't build, they can only steal. That's socialism in a nutshell.
People develop a power not to see. They believe so passionately in something, that the evidence staring them in the face telling them unequivocally they should NOT believe is simply not seen by them.
I see this with Socialism. Those of us who have not been infected by that disease can easily look at it and see the fundamental problem, and with clear eyes, see the evidence in the real world with examples of just how badly socialism will not work.
But the starry-eyed suckers out there WILL not see it. And so, we are destined to fall into it, even those of us who see it clearly, because the people who DON'T see it will drag us along with them. Sure, we will resist, but emotion-based movements have a way of carrying the good to their doom along with the bad.
This is one of the best videos I have seen on it by Bill Whittle, using Venezuela as an example:
Bill Whittle: Socialism is For Suckers
It is just over four minutes long, and well worth the view.