The President of Venezuela, who is hated by America, has nationalized the national oil industry during his 10 years of continuous rule. He initiated a range of social programs using proceeds from the sale of oil, eliminating illiteracy, introducing universal health care and numerous social benefits. Venezuela’s poor fell in love with their president, but he did not manage to avoid making mistakes. The social programs that involve food distribution, for instance, have led to corruption among the people associated with them.

If Chavez were to introduce the social dividend principle instead of developing charity, and if he gave monetary benefits instead of food rations, it would likely arouse initiative, enterprise and the desire for education in society. At the same time, it would raise the feeling of social well-being and curb corruption.

Venezuela, which has the largest oil reserves in the world and has become one of the leading oil powers (5th in the world) though nationalization of its production, will gain opportunities for increasing its wealth. Currently, President Chavez is focusing on international politics, and is making efforts to establish banks in all of the South American countries in order to free the continent from American influence.