Every formerly prosperous south american nation that adopted socialism became poor. Argentina was at some point richer than the US, but now are experiencing serious inflation and poverty because they turned to socialism. Milei gives very good reasons for that in his speech.
When China was fully communist in the 70s, they experience serious poverty and turmoil under Mao ze dong. It is only after adopting a free market capitalistic approach, that they began growing economically. China is actually a hybrid now, free market capitalism to spur the economy, but communist centralized control when it comes to govt and politics. That is why Jack Ma was able to become super wealthy in the Chinese market, but once he started questioning the CCP, he was quickly cut to size and now you don't hear of him.
Africans are usually seduced by the idea of socialism because it seems to match the African culture of togetherness. But what most don't realize is that African socialism is togetherness in the family and the clan, but the same can not be applied to a whole nation of multiple tribes, millions of people. Unless by force and brutality. That's why tribalism is such a big problem in Africa.