In 1999, then-candidate for president Hugo Chavez promised to lead the people of Venezuela to a socialist paradise. His theme was “Esperanza y Cambio” – “Hope and Change.” “Venezuela is a nation of great wealth,” Chavez said, “but it’s being stolen from its citizens by the evil capitalists and the evil corporations.” This wrong would be righted, he assured the voters, if they elected him.
Under Chavez, the government of Venezuela took over industry after industry. The government, he assured everyone, would run these businesses better than private enterprise, and the profits would be “shared” by the people. With great fanfare, he tore up contracts with multinational oil and gas companies and demanded that they pay much higher royalties. When they refused, he told them to leave. They did.
Socialismo!