For the same reasons you see it failing in other places around the world. Particularly Africa. I’m no fan of socialism or command economies but I am a student of history. SF Post was a clueless post cause it’s an ideological one that doesn’t consider that people turn to alternatives to Capitalism when Capitalism fails and examples abound through history of Capitalism failing.
Let’s use the example of Capitalism failing in oil rich Venezuela. A situation that has played out in oil rich Capitalist failed States all over Africa, Asia and the ME.
An abundant resource is discovered and developed in a nation but all the wealth, revenue, and profits are funneled into the hands of a few extremely wealthy families who do no invest that wealth internally in infrastructure, education, public services, etc,. Instead that vast amount of wealth, as you sited Venezuela had, was invested abroad by the handful of kleptocrats who controlled the wealth, for their own personal profits. Coinciding with a corruption of civil institutions that prop these kleptocracies. The end result, as happened in Venezuela, and a large number of failed Capitalist States, is an unsupportable income inequality where a handful of rich and powerful own everything and the masses of people are stuck in poverty. That’s why people turn away from Capitalism in these failed and turn to alternatives like Socialism and to ignore these historical facts is just silly.
Capitalism when well regulated and supported and balanced by strong civil institutions is extraordinarily successful but when not it often fails.
