Venezuela Turns to Privatization After Being Bankrupted by Socialism

February 18, 2021, 11:41:28 PM

“Saddled with hundreds of failed state companies in an economy barreling over a cliff, the Venezuelan government is abandoning socialist doctrine by offloading key enterprises to private investors, offering profit in exchange for a share of revenue or products,” write Caracas-based journalists Fabiola Zerpa and Nicolle Yapur.

The transfer, which was not announced publicly but was confirmed by “nine people with knowledge of the matter,” reportedly includes dozens of coffee processors, grain silos, and hotels that were confiscated as part of Venezuela's widespread nationalization that began under Chavez.

https://fee.org/articles/bloomberg-venezuela-turns-to-privatization-after-being-bankrupted-by-socialism/