Monday, October 13, 2008

Nationalization Disasters

Hugo Chavez nationalized oil production, and now oil production dropped a quarter from what it was before nationalization. In the meantime, Britain has nationalized the Royal Bank of Scotland having apparently learned nothing from the history of other countries nationalizing industries, or of the recent problems that followed the U.S. government nationalizing Fannie Mae and Freddie Mac. Do historically-demonstrated facts not matter anymore to anyone?
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