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It doesn't transcend ideology that's for sure.
Depends on what we are talking about with ideology. Socialism as an economic model clearly failed them, they based too much of their fiscal demands on oil prices staying high. Once oil prices completely collapsed, so did their fiscal condition. Saudi Arabia effectively killed Venezuela, by destroying their national interests.
But worse than all of that was their own government betrayed them, marred in the extremes of corruption. The overwhelming majority of the wealth of that nation was held in US dollars and held in various institutions outside of Venezuela. The government itself held wealth taken from Venezuela, and held that collection somewhere else as well.
In the end they will end up in the history books for a failed economic model and disastrous monetary policy decisions, but all at the hands of the typical aristocracy that develops with any form of centralized overreaching government power.
That is why Venezuela's failure transcends economics, the principles of a planned economic model were discarded for wealth gains by and protections of the few elites. That sound familiar, it should?