Kind of sounds like Zimbabwe to me. Is Mugabe a Commie?
Yes, he's always been a communist - the Chinese and the Soviets both helped him come to power with funding, training and weaponry. Ever since he came to power, he's been doing a version of the Chinese nationalizations of property after the Chinese Communist victory in 1949. Lo and behold, roughly a decade after he came to power, the Zimbabwean economy started sliding south. The problem is he's encountering is the same one as the Chinese encountered after the communist victory - looting the productive members of society can work for a number of years, before these people decide that it's no longer worthwhile to work hard, only to hand all their stuff to looters.