[progchat_action] Venezuela Constitution To Boost Social Over Private Property
 
Date: Sat, 28 Jul 2007 00:46:21 -0500 (CDT)


Venezuela Constitution To Boost Social Over Private Property

Stephan Kueffner
Dow Jones
July 26, 2007

Caracas - A proposal for constitutional reform in the final stages of
preparation in Venezuela will subordinate private property to social forms
of property, a congressional leader said Wednesday.

"Nowhere in the reform proposal is there a lack of recognition of private
property," said Ricardo Sanguino, President of the congressional Finance
Committee.

Still, "There will always be a prevalence of social property over private
property," he told reporters following the committee's weekly meeting.

Other forms of property rights will include cooperative and associative
rights, Sanguino added.

Few details of the planned changes, drawn up behind closed doors by a 20-
person committee including Sanguino, have become public.

Populist President Hugo Chavez on Sunday said he would present the proposed
changes to the legislature "within days," roughly two weeks behind schedule.

Following approval of the congress, it will go to a referendum, likely
around the end of the year. The government has increased its role in the
economy by nationalizing parts or all of key industries including oil,
telecommunications and electrical power, and has embarked upon the creation
of new state-owned enterprises.

Private-sector economists say the changes may further hamstring foreign
investment in the South American country.

The constitutional reform is one of five focus areas, or "motors," in the
government program for "21st century socialism."

The other four involve education along socialist criteria, enhanced
municipal governments, reorganization of Venezuela's administrative
boundaries and a special powers law passed in January that gave Chavez the
right to rule broadly by decree for 18 months to "fast-track" socialism.

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