As an educated latino who actually experienced this so called Socialism, I feel qualified to chime in.
- Chavez rose to power in 1999. A few years later he started calling his goverment "Socialism of the 21st century". This term became widely popular in South America, although confusing for anyone who actually knew something about the Soviet Union, Mao's China, Cuba, etc.
- This version of Socialism fits the description of what a Social Democracy is supposed to be: Private property is allowed, but the goverment has a huge role in the country's economy, and one of it's priorities is to make sure that wealth is redistributed. Social justice and equality are the main pilars.
- South America was in love with Socialism (most people don't use the appendage "of the 21st century".) Argentina with the Kirchners, Ecuador with Correa, Bolivia with Evo, and Brazil with Lula.
- Most of these countries have something in common: they're oil dependents (oil products accounts for 90% of the exports in Venezuela, keep this mind as is highly important).
- These Socialist rulers had something no previous goverments had: oil prices went from $20 to $100 and beyond in just a couple of years.

- This gigantic infusion of money lifted millions out of poverty. Social programs were booming, subsidies and goverment spending were out of this world. People were happy and supported their socialist leaders.
- Even with high oil prices, the systems were not sustainable. Also, the rich never had enough money to cover this increased spending, as the rulers once claimed.
- Oil prices started to fall. These goverments had no option but to increase taxes on the middle class, and to acquire debt. Most irresponsible ones chose to print money to cover their expenses (as you may know, this leads to inflation).
- The socialist dream is over. Nowadays, Ecuador, Argentina and Brazil said bye to the left (Ecuador actually didn't, but the president did). Bolivia still has Evo, although not as popular as before.
- Venezuela is an absolute chaos, it's GDP has decreased by 50% in the last years, and inflation reached 1 million per cent in 2018. Roughly, 15% of the population have left the country. People are starving, and Caracas has become one of the most dangerous cities of the world. The country was in total blackout for the last 6 days.
- A special mention for censorship and repression. Too many cases to mention here. You can Google them is you want.
Conclusion: this type of Socialism didn't work in South America.