I don't know enough about businesses in Latin America to comment. It didn't happen in Russia though. Some would say it did since Gorby gets a lot of undeserved blame for destroying the country. The writing was on the wall before he assumed office. He tried to save it through market reforms. Shit was too far gone by then. That's what happens when factories and farms are structured around what people "need" instead of what creates a product that can bring more value than it costs