I don't think corruption is the reason Socialism doesn't work, for example the U.S. is highly corrupted and its capitalist economy seems to work, and by work I mean it's not falling apart... And like this there are many more examples of working corrupt economies. The reason socialism doesn't work and falls apart pretty quickly is because it goes against the free enterprise, thus becoming a virus that lives off his host, but ends up killing it. Here's the thing, Governments are financed largely on taxes paid by evil profit generating companies, which are the enemy in a Socialist society. So the Government will go after them with regulation, destroying incentives for production, putting a lot of strain on them, asking them to hire more people, and in the end, to become less and less profitable, dooming them to failure. So, as company start to die out or flee the country, Government revenue starts to dry out as well. They reccur to debt, printing money and higher taxes, but the economy can't absorb this because production is slowing, so this injection of money will only make prices go up, straining the economy even more and empoverishing the people whom they were supposed to defend from corporate evil, but some people will still stand by their side, because they will think "Oh, evil companies are increasing their prices for higher profit"
Sounds like what happened in Venezuela?
The difference in Venezuela is that the Government had oil to keep going and even generating economic growth, but guess what happened when oil prices plummeted.... Exactly.