The main thing is they don't believe in market prices at the moment. For example the official USD Bolivar rate is 10:1, the market rate is 1010:1. So you need some mining equipment imported? Either spend ages on sweet talking / bribing officials to get $ at the official rate or break the law. Result: oil production screwed.

See also official food prices below production costs, empty stores and hunger.

As an aside here's an article on how things have gone in Venez vs Chile since 1975. http://humanprogress.org/blog/5-ways-capitalist-chile-is-muc...