It's not just Chavez...
...
So Latin America sucks in aggregate, and it will suck even more if they all unite behind Argentina's claims over the islands that choose to be British.
I'm gonna say that Chavez is a major perpetuator of modern communism in SA. He's the main problem down there TODAY.
BUT, the reason Latin America is not great throughout its whole is because of the culture of corruption in Latin society, and I'm going to blame that one on Spain. I have family from Ecuador and Colombia, and while the ones who have not moved to the States or to London have all moved to Colombia, they are not completely happy with life down there. However, from what they have told me, life can be pretty good in Bogota and Cali. From their descriptions I don't think I can agree that Colombia should rank 121 on the world economic freedom list, indeed in many ways they have more economic freedom there than we have in the US. Their major problem is Venezuelan funded terrorists who take hostages in banks for ransom.
Politics is somewhat strange down there. They have a very corrupt pro-USA/pro-capitalist government that is officially anti-drug (yet whose officials are mostly all paid off by the cartels), the Drug Cartels who are pro-capitalist yet anti-government yet in bed with the government, capitalist/nationalist paramilitary groups, socialist/communist Venezuelan funded guerilla groups, and the "Indian Rights" groups, and the non-drug farmers. All these conflicting groups lead to a fucked up situation, yet also mean that people can get away with doing a lot of shit that may be explicitly illegal with zero fear of punishment.
At least foreigners can legally own property without fear of seizure by the government in Colombia, that isn't the case in Mexico or Venezuela.