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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/businesses Gov’t controls business or industry so when revenue is made it is going into the gov’t accountoNationalization: when a state physically and literally takes over a resource or an industry 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 it Conservative right view: don’t support it
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Economics, Nationalization, Liberal left view, Venezula Hugo Chavez