The evidence that the author presents clearly indicates that the answer to the question posed by the title is negative. The argument that Chavez has always used to transform Venezuela from a capitalist nation to one that is described as "socialism for the 21st century" is that he would build popular economic institutions from the bottom up that would ultimately replace capitalist ownership of the economy. Thus the transition would be a peaceful, gradual one.
However, it appears that this lawyer's observation may be relevant:
...lawyer Luis Britto aptly summed up the situation: “We live in a dual society, and in a fable I wrote I explained that if one tries to set up a mixed system with hens and foxes in one single henhouse, then the following week, there will only be foxes left, and then they will eat the farmer.”See also this article for a searing critique of the Bolivarian Revolution.
For remedies to the defects that Toussaint sees in the Bolivarian Revolution, read his next essay entitled, "Suggested paths to 21st century socialism in Venezuela".