I have long been skeptical of Hugo Chavez's "21st Century Socialism" as being nothing more than the catch-phrase of an egocentric demagogue who happened to be in a position to have access to tons of cash from the rise in oil prices. This sentiment applied just as much to his attempt to buy a geopolitical blog in Latin America as to his domestic policies.
The key test of any such program is how well it does when oil prices drop. According to McClatchy, not so much (see also here and here.)
Thursday, January 8, 2009
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