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A View of Venezuelan Nationalization

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A View of Venezuelan Nationalization

A View of Venezuelan Nationalization

A View of Venezuelan Nationalization

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In the global economy where more and more capital is held in private hands or by publicly-traded companies, the South American nation of Venezuela seems to be bucking the trend.

This week, as he assumed power for a second six-year term, President Hugo Chavez announced that Venezuela will nationalize firms in two major sectors of the economy — telecommunications and electricity.

And some companies in those sectors have shareholders in the United States, including Verizon, which owns a large stake in the Venezuelan telecom giant, CANTV.

Economist Moises Naim, a former minister of trade and industry in Venezuela (and now editor of Foreign Policy magazine, reviews the implications of Chavez's plan with Scott Simon.