from Google definition Socialism
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
policy or practice based on the political and economic theory of socialism.
(in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of communism.
That part about “ownership of means of production” is the key. In some countries like Mexico the government owns natural resources and a few other things but not most of the economy.
Mexico is a good example because Pemex ,their nationalized oil company ,is a poster child of bad management waste and destruction of otherwise good oil fields.
Google "Eagle Ford shale wells "and note the abrupt halt of drilling at the US Mexican border, even though the oil formation extends well into Mexico. Vast amounts of Mexican wealth have been destroyed by “anti gringo” rhetoric and laws.
So I am not sure what you mean by pragmatic socialism other than it’s not what Chavez does.
In any case MELI has been a very good investment. So far. It does not seem a too likely candidate for seizure.
for Brazil’s socialist oil fiasco see
Re Latin American companies - Brazil and Argentina both produce some viable machine made offerings in a field I know something about. Quality control has been the main problem but the basic designs in this nearly mature field are adequate .
South America exports mostly raw materials and foods . Brazil dominates . Venezuela with all it’s oil exports less than I would have guessed , Chili exports more.
The case for socialism must be purely emotional because the facts are clear that the further you take it the worse the results . That being said the most likely future prospect seems to be that the US will drift that way too. There is something very appealing when you see nobody who has much more than you. All equally poor. That’s not the case but you never get much of a peek at the elite, who are isolated and protected by police ,armies and the State. Most of the elite are politicians, non productive.