Venezuela Nationalizes Its Largest Power Firm

Venezuela's government signs papers today under which the country's biggest private power company will become state property. President Hugo Chavez says it's a step in the direction of what he calls "21st century socialism." Next, he plans to take over Venezuela's main telephone company.

Such nationalization moves were once standard practice for left-wing governments around the world. In recent years, free market reforms have been more in fashion. But government nationalizations are now making a comeback.

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