Originally published on Thu April 11, 2013 10:59 am
As Venezuela's president, Hugo Chavez thought in grandiose terms, and his country's vast oil riches enabled him to act on his vision. But Chavez died before he had to deal with the flaws in his model, and some hard choices await his successor.
Key to Chavez's notion of "21st Century Socialism" was the redistribution of Venezuela's oil earnings. The country's oil reserves — estimated by the Organization of Petroleum Exporting Countries to be the largest in the world — are worth tens of billions of dollars a year in potential revenue.
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