Acton Institute Powerblog

Petrol-Socialism

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Predictions, anyone? Chavez continues to flex his socialist muscles as he has now given ExxonMobil an ultimatum: either give him the controlling interest in their company, or lose their Venezuelan operation altogether. This story is notable because ExxonMobil is the only company who has thus far refused Chavez’s “offer they can’t refuse.”
Now, I don’t think anyone had any misconceptions that Chavez would be a ‘nice socialist’, but what was that proverb about being doomed to repeat history? What worries me about the Venezuelan situation is when their economy gets even worse (as it inevitably will), whom do you think Chavez will blame? I suspect he won’t apologize then for his own policies.

David Michael Phelps

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