I'm in Santiago, Chile right now. It was hopping. So much optimism on the streets. People partied and chanted and honked until 3AM. I'm jealous of the people of Chile to be able to look at their country and see hope.
Just like the Venezuelans before them did. Those are not cheering anymore for their Bolivarian revolution.
On the other hand, Norway has not been subjected to the same kind of crippling economic sanctions that the USA has applied to Venezuela and it's an open question as to what would have happened to Norway's economy under those circumstances.
Norway is interesting insofar as it is exceptional for not turning into a basket case.
The sad thing is that only the people related to the party are the ones able to afford most of the stuff traded in the black market, or plainly are the main contacts importing illegal goods. If you are a common citizen your only option is to become something like a bartender in a tourist hotel, which essentially makes you close to products like food, liquor and electronics that have sanction exemptions that you can illegally buy and trade in the black market. BTW, when they explained me this 10 years ago the going entry "price" to become a bartender was over 10k USD, several lifetime salaries of many people in Cuba. Therefore as you can imagine this translates in lots of corruption and the only people that gets affected by sanctions in reality is the common man.
Venezuela is no different. I once met some young Venezuelans whose dad was a military general in the country. All his family was lavishly living and studying in Miami. Somebody else told me that after Chavez there has never been so many high rank officials, all essentially millionaires, that protect that part of Venezuela's ruling class that aligned with the regime. If they used to be rich, like in the Russia after the perestroika now they practically own the country. Just browse in YouTube all the videos of people that visit the Caracas luxury malls, fully stocked supermarkets and fast food restaurants. A common person needs to work a full week to be able to buy a McDonald's meal. To guard critical infrastructure facilities and gas stations they have a special police that in practice has a license to kill.
Though if you ask American investors and their various mouthpieces theyll tell you it was all socialism.
Chile has a similar problem but they are lucky to have an economy that is not quite as dominated by natural resources.