April 30, 2007 7:28PM 

# May Day in Latin America 

By [David Boaz](https://www.cato.org/people/david-boaz) 

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This Tuesday, May 1, Venezuelan ruler Hugo Chavez will take control [“of Venezuela’s last remaining privately run oil projects.”](http://www.theglobeandmail.com/servlet/story/LAC.20070426.RTICKERMAIN26/TPStory/Business) The symbolism is obvious: the socialist May Day. Last year, Bolivian president Evo Morales sent his soldiers to occupy the gas fields in his country on May Day.

So I’m reminded, [as I was last year,](https://www.cato.org/2006/05/02/may-day-two-directions-for-latin-america/) that May 1 is also the anniversary of the institution of private retirement accounts in Chile. Since then Chile has been [a great economic success story.](http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212006000100001)

Perhaps 25 or 50 years from now, we will know whether Chile’s privatization or Bolivia’s and Venezuela’s nationalizations brought a higher standard of living to their citizens.

##### Related Tags 

[Tax and Budget Policy](https://www.cato.org/tax-budget-policy) 

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