Mark Weisbrot on how Venezuela nationalizing its oil industry led to improved living standards

Since the Chávez government got control over the national oil industry, poverty has been cut by half, and extreme poverty by 70 percent. College enrollment has more than doubled, millions of people have access to health care for the first time and the number of people eligible for public pensions has quadrupled.

So it should not be surprising that most Venezuelans would reelect a president who has improved their living standards. That’s what has happened with all of the leftist governments that now govern most of South America. This is despite the fact that they, like Chávez, have most of their countries’ media against them, and their opposition has most of the wealth and income of their respective countries.

~ Mark Weisbrot, "Why Chávez Was Re-elected," The New York Times, October 9, 2012