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Elf Sternberg
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Date: 2007-08-21 02:10 am (UTC)Well, if it is the will of the people, they are going to discover first hand just how unforgiving the globalized economy is the minute that they run out of oil to sell. The smarter rich people have already abandoned the place, and the new rich people are Chavez's cronies, though one presumes only as long as the money keeps flowing their way. Only the most risk-tolerant foreigners are going to invest in the place under the rules Chavez has put forth.
History is a cute tale to tell the kids, but it's a pretty stupid way to set public policy.
The smart move would be to invest the oil proceeds in the country's infrastructure and people (education, etc), and set the rules so that people can get rich if they're talented and motivated (rather than by greasing the right palm). Failing that last part will simply guarantee that the smart people and smart money will go elsewhere, because there are alternatives today.
Just you watch. Venezuela may well go the same way as Zimbabwe.