09 October, 2012
A sorry result
As a leader of his people, Chavez bears comparison with Margaret Thatcher (although I am sure he would not relish the thought). In some respects national pride is a very good thing.
But I am convinced, pace my electrician friends, that he is the wrong choice for Venezuela. His crude economic interventions seem likely to increase the country's reliance on oil, which will not last forever and which forces more economic power on to the State, which is where the revenues arrive, and heralds a decline in the industrial sector. This is called the Dutch Disease (see here).
Another six years of Chavez will, in my view, bring Venezuela to its knees.