In recent years, a stick to beat Corbyn and lefties everywhere has been the dire state of Venezuela.
Venezuela is a super case study. President Chavez took over a very corrupt country, a victim of much cold war interference and narco-terrorism. However, he took it over with a Marxist-socialist government of a country that was one of the world's largest producers and that was producing vast revenues for the Government from already state owned PDVSA. Those revenues lost a lot to corruption, but were there for the Government
As such, it is a real world example of the magic money tree basically coming true. There was money for school and hospitals, for poverty relief, for Cuba, for London buses (under Red Ken) and for generally fomenting revolution. It became quickly a text book case for the likes of Corbyn and lefty fellow-travellers - how the poor were helped by Marxism.
Of course, reality took a different turn, then non-oil side of the economy had suffered repeated collapses since the 1970's due to over-reliance on oil revenues. As soon as Chavez took over he started pressuring what little private economy existed, which resulted in a general strike led by the bosses against the workers - but in defence of their right to exist as businesses. This quickly managed to make both Chavez and the bosses unpopular, even resulting in a failed Coup.
Chavez, sticking to the Marxist script, slowly took more and more dictatorial powers and turned democracy into a sham in the country. The huge oil revenues of 2006-2008 covered much of this up but since then it has been a total disaster.
The revenues have collapsed but with huge political interference (read nepotism and graft) in PDVSA production from the world's largest oil reserves has plummeted to less than half of what it used to be. All at a time when the USA has nearly tripled its domestic production.
President Maduro has continued the sham democracy and increased the kleptocracy in the County in line with all other previous Marxist-socialist experiments. There are quite a few billionaires in Caracas at the same time as the now hyper-inflation has literally ruined the economy and people.
Of course, being pretend Marxists, the Government of Venezuela is quick to blame the USA for all its ills. The USA has not really been that involved until recently, but under Trump seems to have finally decided to play a role in trying to oust Maduro - as it happens this is far more likely to do with stemming immigration from a large failed state than gaining access to oil it no longer needs. But for the Left in this country, it makes more comfortable reading to believe the old anti-imperialist tropes (easily supported because China struck a mega-deal with Venez when it was broke to buy all its oil super cheap and is keen to keep this one sided bargain going) as China and Russia back Maduro.
But then as of this week the US interference has failed, its soft backing for the alternative Government has resulted in a failed coup. Moreover, its sanctions on PDVSA have hurt the finances of the Country even more to the point where medicines long ago ran and out people have been forced to eat their pets - all in a country that should be as rich as Norway. Now the US is discussing military intervention that will not have either world or perhaps even local support (you might hate Maduro but your family being killed by us bombs is not an improvement, is it?). So the US may yet turn into its imperialist caricature from the left.
Meanwhile, for me, the main lesson is that even with a magic money tree Marxism fails. It simply does not work to hand out free money to as many people as you can and then somehow think the socio-economic underpinning of a country will survive. People stop working, businesses collapse and everything focus's on imports - this inevitably leads to hyper-inflation and collapse.