Why Venezuela is an economic failure:

First, the government has tried to set prices, which is a completely absurd and outrageously ignorant policy. If the forced price is below the cost of producing the product, the companies producing the product have to either go bankrupt, cut corners where-ever they can (product quality, wages, workers' conditions, ignoring environmental regulations etc.), or get their funding from somewhere else. If there is a government subsidy for them, they won't have to go under, but in such a case the price setting is useless, because the subsidy alone would've been enough to allow for cheaper products. Fixed prices don't solve economic problems, they make the markets struggle to adjust themselves to changes in demand. It would be far, far better policy to just give a bunch of free money to the people the prices were set for (presumably, the poor) and let the markets figure it out.