[davmre]

'Textbook' communism involves the government directly managing the means of production. Owning a minority stake in many corporations that are run for profit by incentivized managers in a market economy has, perhaps, some similarities but it's certainly not the same thing.

I'm not sure you can generalize Venezuela's collapse beyond a cautionary tale of corruption and populist looting; i.e., their economic problems are fundamentally political problems. A better comparison for a developed Western democracy with competent political system is Norway, which has an amazingly successful ($1 trillion) sovereign wealth fund https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Nor... comprised of oil revenue used to fund social programs.