Venezuela turns to privatization after being bankrupted by socialism

Venezuela turns to privatization after being bankrupted by socialism

Venezuela turns to privatization after being bankrupted by socialism

(LIBERTY LOFT) – Early in 2007, after winning a second six-year term as president, Hugo Chávez announced his plan to nationalize Venezuela’s largest telecommunications company, CANTV, hinting at wider nationalization plans to come.

“All that was privatized, let it be nationalized,” announced Chávez, who had run under the banner of democratic socialism.

Nearly a decade and a half later, on the brink of mass famine and a growing energy crisis, Venezuela is now moving in the opposite direction.

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Venezuela turns to privatization after being bankrupted by socialism