Enabling law passed in Venezuela

Yesterday the democratically re-elected Hugo Chávez took a further step along his ‘gradual road’ to leaving capitalism behind when the Venezuelan National Assembly passed an enabling law. Under the new powers, Mr Chávez has said he will seek to nationalise the country’s largest telecommunications company and the electricity sector, and to impose greater control over the oil and natural gas industries. The legislation also gives the president increased powers over the economy and defence.

The President also reassured individual rich people that their personal wealth is not threatened.