We have been covering the economic and social collapse of Venezuela, from socialist economics, which has led to events such as children fighting each other with machetes for the better garbage:
https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article206950449.html
https://www.zerohedge.com/news/2018-03-27/socialist-utopia-child-gangs-fight-quality-garbage-machetes-venezuela
Inflation is so bad that all one can buy for $ 4 million, is a small block of land with a burnt down house on it:
https://www.zerohedge.com/news/2018-08-22/what-4-million-buys-you-vancouvers-real-estate-market
The inflation rate in Venezuela is set to reach one million percent, as the socialist government prints money as if there is no tomorrow, because there is not:
http://www.shtfplan.com/headline-news/socialism-venezuelas-inflation-rate-could-hit-one-million-percent_07242018
The big question is why would a once prosperous country elect officials who set out to commit economic suicide? We have a parallel problem in the West with mass immigration, but there the agenda is clear, which is the trendy policy of whiter genocide and all that, but that explanation does not cut any ice for the brown Venezuela:
https://www.zerohedge.com/news/2018-08-22/engineered-collapse-venezuela-beginning-war-against-free-world
This article does not explicitly answer this question, but it does say that the collapse is part of a planned social control mechanism. It is alleged that some of the worst prisoners have been let out of gaol by bribed officials, and are now preying upon locals, leading predatory gangs. However, the destruction of the Venezuelan oil industry will need to feature in any political economy explanation of the destruction of Venezuela. Who benefits from this? Should we play three guesses?