Meanwhile, Venezuela has the largest proven oil reserves in the world. According to lots of people, not just Marxists, this should make no sense. Oil is valuable. If you have more of it than anyone else, you should be able to make money. For a decade, the American Left loved Hugo Chávez and then Nicolás Maduro because they allegedly redistributed all of the country’s wealth from the rich to the poor. These dictators were using The Peoples’ resources for the common good. Blah blah blah. It turns out that the greatest resource a country has is its institutions.
In economics, an institution is just a rule, which is why the rule of law in general and property rights in particular are the most important institutions there are, with the exception of the family. Take away the rule of law in any country, anywhere and that country will get very poor, very fast. Stop protecting the fruits of someone’s labor, enforcing legal contracts, guarding against theft from the state or the mob (a distinction without a difference in Venezuela’s case) and wealth starts to evaporate.
.. “The People” or “the nation” own everything. The state is the expression of the peoples’ spirit or of the nation’s “will,” and therefore it effectively owns everything. Thus, taking less money from you is the same as giving you more money. This is why populism and nationalism, taken to their natural conclusions, always lead to statism.