Re Venezuela it appears the current government there is corrupt although aside from that the economy is to a large extent limited in its potential by decades of capture by US oil corporates. US imperialism began with Latin America and continues there to this day as its foundation...even as Trump cedes ground to China he signals his intention to retain hegemony over the Americas.

Venezuelas heavy crude can only be refined in the US and export via the Panama canal are blocked by US control of this strategic infrastructure. China does present Venequela with an alternative market but before they could develop the required refining capacity for its heavy crude the US imperialists closed off access via Panama.

You can perhaps now see how governments and power projection and long term strategic positioning and control of infrastructure by governments is so important in terms of economic development and the wealth and prosperity of nations and their citizens. It is not just 'free markets' because such things never exist in isolation from territorial governments.