I will sort of agree with you that the "running out of other people's

money" adage doesn't fully apply here... but Venezuela under Chavez DID nationalize a bunch of industries from oil to agriculture to banking to telecommunications, to power, to tourism etc and set up an economic system where the gov't controls a sizable portion of the economy and means of production. As the soviet union proved, this is not a very efficient economic model, but Venezuela was able to fund a lot of social benefits and improved standards of living from strong oil revenues... until the price of oil dropped by 60%

But the process of privatizing companies in venezuela absolutely was the taking of other people's money. And it did eventually run out.

In response to this post by 111Balz

Posted: 05/17/2016 at 12:08PM

Hugo Chavez's Economic Miracle -- HokieDan95 05/16/2016 6:05PM

Price of oil was still north of $90 per barrel when this piece was written. -- hoolstoptheheels 05/17/2016 09:02AM

Socialism works until you run out of other people's money ** -- HokieDan95 05/17/2016 09:59AM

Socialist and non socialist countries depend on their revenue sources -- 111Balz 05/17/2016 11:24AM

I don't agree entirely. -- hoolstoptheheels 05/17/2016 1:10PM

It is a fair point to note that Venezuela -- fishhoo 05/17/2016 12:17PM

Totally agree with you ** -- 111Balz 05/17/2016 1:49PM

I will sort of agree with you that the "running out of other people's -- BocaHoo91 05/17/2016 12:08PM

Fair points ** -- 111Balz 05/17/2016 1:49PM

With such a centralized economy as Venezuela's has been under Chavez.. -- hoolstoptheheels 05/17/2016 12:49PM

The funny part about this article -- fishhoo 05/16/2016 9:54PM

I think that's an indictment on the media today ** -- HoosGuy 05/17/2016 08:36AM

It was a miracle...as long as oil traded high enough. -- hoolstoptheheels 05/16/2016 7:01PM

Where is the article? ** -- Hoogle.com 05/16/2016 8:07PM

Here is the article ( NYT). Would love to get the Salon author's -- Hoogle.com 05/16/2016 8:19PM

He blames fracking -- DanTheFan 05/17/2016 09:13AM

That feels a bit like the banks blaming the housing -- BocaHoo91 05/17/2016 09:28AM

And now this little follow up opinion piece in the same paper. -- hoolstoptheheels 05/17/2016 08:41AM

Mussolini's Entrepreneurial Revolution -- Hoos Operator 05/16/2016 6:22PM

I will sort of agree with you that the "running out of other people's

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