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Econ Quiz #2Nationalization vs. Privatization VideooThe state/gov’t needs to have some money to run the gov’t, to provide services,such as health care, military, roads, etc.oHow does a government make money?TaxesIncome taxSales taxControl resources/businessesGov’t controls business or industry so when revenue is made it isgoing into the gov’t accountoNationalization: when a state physically and literally takes over a resource or anindustry from private individuals, and takes it out of the private sector and makesa state business.President of Venezula Hugo Chavez, nationalization kingNationalized oil, seized itU.S. froze all Venezuelan assets in U.S. and is suing VenezuelaLiberal left view: support itConservative right view: don’t support ito
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Economics, Nationalization, Liberal left view, Venezula Hugo Chavez