It's the same as every other form of socialism or dictatorship - it results in political power that is easily corrupt. And when one has the power of a government behind them, it is easy to continue taking from others until nothing is left.
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I just want to point out that Venezuela is not socialist. Its just a corrupted state capitalism. Lets not demonize a political view that has work well in certain areas. I think the left and right is an old fight. Now is about progress, environment, technology and social fairness. Time to come up with new labels for the concepts of our time.