Venezuela is a socialist state. The fact that it did not ignore that total failure of socialism in the 20 century and adapted it to its failures by allowing limited private property with so much government oversight that the private property is de facto controlled by the government does not mean adjusted socialism is not socialism. If you think this is shaky logic then let me ask you a question, did basketball cease to be basketball when they added a shot clock and three point shot? Of course not. Basketball adapted but was still basketball.
Some quick background on the Venezuelan and Cuban debate between capitalists and socialists. Socialists generally agree with capitalists that Cuba is socialist but almost always deny the socialist nature of Venezuela and actually try to argue its failings are failings of capitalism.
While you can not deny that Venezuela has limited private property, that is a fact, you also can not deny that the state has control over the economy on the scale of Cuba, a place where socialists admit socialism exists. A simple look at property rights freedoms in Venezuela (based on the Heritage foundation economic freedom index) should be a red flag. Cuba has more freedom when it comes to property rights than Venezuela. Remember, Venezuela is capitalist but Cuba is socialist.
While Venezuela does have a relatively good business freedom score compared to Cuba, although still considered “repressed”, that does not mean they are capitalist or socialist, per se. An economy could be socialist and still be in the upper bounds of repressed. The Heritage index also reveals how abysmal Venezuela scores in financial and investment freedom and how close they are to Cuba.
But even if Venezuela was not socialist the left owns it. It is undeniable that Venezuela is run by the radical left and left wing policies were implemented. The failure of Venezuela is the failure of radical leftism is the failure of radical leftism even if it is not fully radical. If Socialism completely fails in comparison to capitalism at 50% then how insane do you have to be to think it will work any better if you double down on it? If the definition of insanity is doing the same thing over and over again and expecting different results then what is it when you double down on failure?
FYI, Venezuela is run by the United Socialist Party of Venezuela.