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.

Venezuela Nationalizes Its Largest Power Firm

Venezuela Nationalizes Its Largest Power Firm

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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.