Venezuela Nationalizes Its Largest Power Firm

by Tom Gjelten, NPR

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.

Broadcast Dates

• All Things Considered, February 20, 2007