In the belly of the beast, the Business section of the NYT, appeared today an unbelievably nice article about the Venezuelan socialist revolution underway.
The articles describes Chavez’ push to transform both public and private enterprises into worker-managed and worker-owned businesses.
While worker-managed businesses have been the dream of the world’s socialists, in Venezuela they may become a reality. Using tottering companies as the entry point, Venezuela is offering financial incentives in exchange for carrying out “co-management,” in which workers are decision makers, in some cases even owners, of businesses across the country. The plan essentially casts the state in the role of rescuer. Four state-owned companies – another aluminum plant besides Alcasa, a coal plant and a power plant – have begun the programs. But incentives like cheap credit and debt write-downs from the government have also enticed more than 100 private, small and medium-size companies to adopt worker management models. Twenty-three of those have agreed to hand over between 10 percent and 49 percent of their shares to employees.
The article is worth reading. And The Times deserves kudos. Send your appreciation to The Public Editor
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See our last post on Venezuela.