The Guardian 4 May, 2005

Socialism, the only alternative
to capitalism, says Chavez

Venezuelan President Hugo Chavez stated that his country has developed an economic model to live honourably, to fairly distribute wealth among all people and to demonstrate that there is a new spirit of solidarity and co-operation.

"There is a new logical alternative to capitalism, which is no other than socialism, and we are building our own socialist model without emulating the ones from the past", Chavez noted.

The Venezuelan leader made the remark at an act where property belonging to the National Industrial Valve Assembling Company was expropriated.

The firm employs 400 workers and had assembled valves for the oil industry for 35 years.

In December 2002 the plant was closed to support the oil strike led by reactionaries that caused millions in losses to Venezuela.

The company will now be jointly managed by the state through the People´s Economy Ministry (51 percent) and workers organised into a cooperative (49 percent).

The joint venture, called INDEVAL, stems from Venezuela’s efforts to revive and industrialise the country under a new model.

"This business is born under another option — that of sharing the property between the workers and the state, a different form of social property to the logic of capitalism which lacks a human face", said Hugo Chavez.

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