Econ #2 Notes●How does a government make money?o1. Taxes!!!!o2. Control resources/businesses●Nationalization- the government of a state physically and literally takes over a resource orindustry from the private sector so it can become state-owned.oLiberal Left- Let the government run it all!! More money=more benefitsoConservative Right- NOOOOOO!!!!!!oHugo Chavez- President of Venezuela nationalized the oil industry▪Exxon and BP (among other oil companies) were bought out by Venezuela sothey could make a better profit off of their own oiloFree Market Capitalists despise nationalization, as does #America biotchoWhen a company gets nationalized it goes back to its home government and complains(Exxon went to complain to U.S.)oAmerica is suing Venezuela and also froze all assets 6 months later●Privatization- When a government sells off/leases the resources/industries to the private sectoroJapan sold its Post Office!!!!1 wtf!!?
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Capitalism,Privatization,Nationalization,Public ownership,oil industry