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Venezuela’s "21st-century socialism" continues apace (update)
Posted by: McQ on Thursday, May 01, 2008

Remember it isn't that the theory is wrong, it's just that the right people haven't been in charge to make it work:
Lawmakers loyal to President Hugo Chavez declared Sidor — Venezuela's largest steel maker — a "public utility" on Tuesday, a legal prerequisite to expropriation.

But the near-unanimous decision by lawmakers does not necessarily mean the steel maker will be expropriated.
And if you believe that, I have some beachfront property in Death Valley you may be interested in. This is simply legal blackmail used to have the company agree to their price vs. the market price of the firm. One way or the other, it is going to be nationalized.
Chavez says that state control over key industries is essential in steering this South American country toward what he calls "21st-century socialism."

Earlier this month, the president said Venezuela would nationalize cement companies including Mexico's Cemex SAB, France's Lafarge SA and Switzerland's Holcim Ltd. The government is negotiating terms with the companies.

Last year, Chavez took control of the country's largest telecommunications and electricity companies, as well as joint oil ventures previously run by some of the world's largest oil firms.
Yes, the socialist paradise is coming along well, leading with 22.5% inflation and shortages of basic food products while price controls lead to many producers closing their doors.

But Hugo has it all well in hand, and don't you forget that.

As expected, Chavez today nationalized Sidor.
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Previous Comments to this Post 

And speaking of some of the right people:
Written By: kishnevi
let’s get that link right so the comment makes sense:
Written By: kishnevi
That first link, to the CNN article, is broken.
Written By: Nathan
URL: http://
after these businesses go social, what happens to the workers wages?
Written By: josh b
URL: http://
That first link, to the CNN article, is broken.
Fixed. Thanks.
Written By: McQ
Well, socializing agriculture in the USSR resulted in 79 years of lowered production due to "bad weather". I wonder if bad weather can also cause a shortage of steel and cement?
Written By: JorgXMcKie
URL: http://
Well, socializing agriculture in the USSR resulted in 79 years of lowered production due to "bad weather". I wonder if bad weather can also cause a shortage of steel and cement?

Yes, I think so. And this time the bad weather will be due to Global Warming, which is George W Bush’s fault.
Written By: Don
URL: http://

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