2013-10-14financialsense.com

``While making grandiose promises of social and economic transformation that would help the people, Mr. Chávez did nothing to lay the groundwork for real growth. For example, his policies did nothing to encourage education or inspire entrepreneurship. Rather, he squandered the national resources that he appropriated, using the national oil company to provide unsustainable handouts internationally and domestically. These handouts can't last, as he allowed the oil company's infrastructure to deteriorate and failed to reinvest to maintain and upgrade their facilities. His program was not about growth -- it was about wealth redistribution; first to himself, his cronies, and then eventually to the poor. Without growth, the end of the redistribution is close at hand.''



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