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A term used by socialists to mock neoliberals for their [fundamental] [misunderstanding] about socialism and why Venezuela fell into crisis. There were many factors that contributed to Venezuela's crisis, but the most obvious was the country's heavy reliance on oil for its economy, which lead to it collapsing when the price fell. Additionally, most of the country has been in private hands, such as 70% of the economy, 50% of the healthcare, and 80% of the workforce. If we went off these metrics, Norway, Denmark, etc. would be socialist, but rather, they're considered social democracies, which is a more [friendlier] version of capitalism to the people in said country (but not considered socialist).
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