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Tuesday, July 6, 2010

Bolivarian Venezuela at the crossroads (Part 4) Suggested paths to 21st century socialism in Venezuela http://alainet.org/active/39297&lang=es

One of the solutions that need to be implemented so that the State (instead of the present private banking sector) can retrieve a substantial share of the money it distributes (or spends) consists of transferring to the public sector (nationalizing) the greater part or the whole of the capitalist banking sector of Venezuela.[8]The State will then be able to re-invest part of the money it distributes (derived from its oil income)

into the economy in the form of social spending or productive investments, in order to generate a virtuous circle of accumulation and the development of a public sector of the economy, as well as other kinds of ownership to be supported and strengthened (small private ownership, cooperative ownership, traditional forms of property among indigenous communities, etc.).

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