Bloomberg: Venezuela Turns to Privatization After Being Bankrupted by Socialism

Bloomberg News reports that Venezuelan president Nicolas Maduro has quietly begun transferring state assets back into the hands of private owners in an effort to reverse Venezuela's economic collapse.

Saddled with hundreds of failed state companies in an economy barreling over a cliff, the Venezuelan government is abandoning socialist doctrine by offloading key enterprises to private investors, offering profit in exchange for a share of revenue or products," write Caracas-based journalists Fabiola Zerpa and Nicolle Yapur.