It seems like a pretty simple lesson
, but Hugo Chavez is learning that capitalists make production possible.
In anticipation of Thursday's Carabobo oil field auction, outspoken Marxist president Hugo Chavez quietly pleaded for foreign investment.
""Investment and experience from foreign oil firms is necessary in Venezuela. We need it," Chavez said, according to Dow Jones.
The statement is a serious turnaround for a government that has nationalized dozens of foreign oil companies in recent years. But they 'need' foreign investment because mismanagement is turning the country into just another failed petro-state. . . .
Labels: Chavez, socialism