Venezuela followed the same path as Canada in believing that comparative advantage, i.e. globalized trade, would be of benefit to it. They exported what they were good at, which is oil production, and let other sectors atrophy, in the belief that they could buy what they needed from other countries. That plan crashed when the oil price did and now they are unable to restart their economy due to the usual socialist over regulation. It is quite sad but does illustrate the risks that people take when they buy into the globalization pipe dream. We could suffer a smilar, if less devastating fate in the new few years, something that our major political parties don't seem to realize.