Hugo Chavez loves to call his political platform "21st Century Socialism," but in truth he is enacting the economic crudities proposed by 19th century socialists like Karl Marx and Friedrich Engels.
Chavez has announced the state takeover of another international firm, this time the steel manufacturer Ternium SA. The systematic nationalization of Venezuela's heavy industry is a typical strategy for socialist petty-tyrants, and Chavez has followed this predictable path by swallowing the full range of private enterprises-from oil producers, cement makers, and now steel manufacturers-all for the sake of the poor, of course. Oh yes, of course!
Such reckless disregard for international property rights does nothing for the people of Venezuela, because as the message Mexico's congress sent to President Calderon proves, nationalization in one country threatens the incentive of other countries to invest there.
"Windfall profits" taxes, something which Democrats continually go on-record to support by the way, is another typical socialist scheme, and one which Chavez thinks will deliver Venezuela from the problems he's made.
It is truly pathetic to see a formerly developing country in South America, one which had so much potential, fall backward into the 19th century even as its bungling leader insists he's moving it forward into the 21st .
