I believe all that was rooted in the original breaking-up of farms? Large farming corporations were divided and given to workers in small parcels. But they had not the financing, equipment nor training to run their own operation. Also, they were now 'wealthy landowners' and probably not too motivated.
Anyway, fast forward and nobody is producing food, or at an uncompetitive cost. As noted, the food imports ruined the balance of trade, the falling oil prices ended their exports, and the country went bankrupt.
Has any socialist country survived the death of their cash cow? These experiments seem to work in principle, but only as long as huge amounts of cash are injected from outside.