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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4 comments:
Though I agree with your point, in the interest of accuracy, I'd like to point out the Telegraph article says "oil production has fallen by a quarter" not "oil production is 1/4 of what it was."
Still, a 25% drop in production is huge and the point still valid…
Thanks. Fixed it. Numeracy mistake.
"Historically-demonstrated facts?" How bourgeois-positivist. Surely you know that the imperialist grand narrative of history is a racist farce, and that "facts" do not exist prior to inquiry, but rather are thought into being...
I know you gotta be in the mood for it, but c'mon, it's funny.
"Facts? We don't need no stinkin' facts!"
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