Socialism at its finest
It's entirely possible to democratically decide to steal the means of production from the capitalists — and thus experience exactly these consequences.
Venezuela has for years had a full-on centrally planned economy with the state setting the prices for goods independent of their costs of production, all as a tool to continue winning electoral support from the poor. That is a very, very nasty aspect of a socialist system, which is avoided by successful socialist nations.
Edit: This was meant to be a reply to the parent comment.
He was elected democratically to behave like a dictator. Most dictatorships advertise quite clearly what they intend to do.
There were/are enthusiastic supporters for some of the worst causes.[1]
Also, historically, comunism did not support occidental democracy systems.[2]
[1]http://heavy.com/news/2016/07/new-isis-islamic-state-daesh-a...
[2] https://www.marxists.org/archive/trotsky/1918/xx/principles....
https://www.cartercenter.org/documents/297.pdf
http://eeas.europa.eu/eueom/missions/2006/venezuela/index_en...
Of course democracy is not incompatible with Communism. How could it be when the people are enthusiastic supporters of Communism?
But please, continue lecturing me on my country's electoral and voting system.
That's after two Chavez elections. Then the people were voting for Communism well before the elections were rigged in an observable way
Clearly, the world has always been filled with idiots full of resentment towards people that made better decisions and became more successful.
Likewise a socialist state does not necessarily limit individual freedoms. Communist regimes have, but they're also totalitarian, so which philosophy is to blame is sometimes hard to pin down.
Modern communist societies have also relaxed these restrictions significantly, though there were times when everything was forced communal.
We were a functioning democracy, in fact we were the most stable and rich country in latin america.
Socialism has led to a non–functioning democracy, shortages, massive crime and violence.
How many more examples do you need before you recognize the obvious pattern?
What's hitting them now is a decade of mismanagement of their petro-business... Combined with a collapse in oil prices. If Colombia's exports dropped in price by 60%, things would not be pretty. Fortunately, unlike Venezuela, its economy is far more diverse.
Corruption is a parasite which adds costs to every resource flow it can find, but this is a wholly different scenario of resources being too scarce due to systemic degradation due to central planning misallocation combined with the drop in oil prices that had sustained it.
Having somebody in charge of the economy that does not understand that he doesn't understand how the economy works.
Well having the US send $1 billion a year, year after year to prop your country up ( https://en.wikipedia.org/wiki/Plan_Colombia ) helps.
And American aid does not come in cash, the money can only be spent in shiny new American-made military hardware. That's why the Colombian army has lots of Humvees and Black Hawks, paid for the U.S. taxpayer.
It really is a poorly disguised subsidy to the American military industrial complex.
In any case, considering Colombia has the second largest GDP in South America (after Brazil) at about $300 billion a year, receiving even $1 billion a year would be statistically speaking, noise.