Ditto for socialism/communism. You can only confiscate what people have once... after that, they stop producing.
I worked with an Indian H1B whose dad ran a general store in Idi Amin's Uganda. Idi kicked out the Indians and gave their posessions/businesses to his cronies. Unfortunately. they weren't aware of the concept of inventory replenishment, and when the stocks ran out, they shut down.
He said that some years later his dad got an "all-is-forgiven" letter from the post-Amin government asking him to come back. Dad didn't reply.