As a Brazilian that has been following the news since Chavez took power in 1999, the answer is: Socialism happened, with everything that usually follows along with it.
Venezuela today has two ways out of it: 1) a coup by the army (unlikely since the army is very corrupt and connected with the government) or 2) a civil war (more likely). There is no democratic way out probably, since democracy is dead over there, along with the law system.
When this is over, Venezuela will take decades to recover. Worst part is that even if it start recovering, the first manipulator that arrives with a "its USA fault, power to the people, evil corporations are to blame, lets take our oil back" will win the elections.
In a sense, this is Latin America's curse and one of the reasons I think it will never truly develop.
Also, if one asks, no I dont think nordic countries are socialist, they are very very capitalist.