1.Their main source of income were national resources and they spent the money they got from oil on welfare,as socialists like to do,instead of on say stimulating the economy
2.Their money actually gained more value for a while which lead to no domestic investment and higher prices of domestic goods,which of course stopped all domestic industry growth
3.They were corrupt as hell,which socialists are known to do
4.They were bad at managing stuff,as government beurocracies are know to do
5.People didn't expect everything to go to hell because they figured ah what the hell government has tons of money they will always support us,they didn't and they won't
