GEOG 1014 Lecture Notes - Lecture 19: Given Up, Vladimir Putin, Venezuela
Document Summary
Government has to have mony to do something. How does a gov make money to pay bills and raise revenue? o. When buesinesses make money, it goes to gov. When state (gov of state) takes over a resource or industry from private indidivudals/private sector and makes it state property so state starts running the business and makes a profit out of it. Bought out the oil compaies to nationalize it. Let gov run it all to make more money and provide more benefits to people!!! o. When big company is threatned to go bankrupt o. Oil companies were making oil for cheap and selling it back to the states for a lot of money. Middle eastern states decided to nationalize oil to make money o. In communism, they took over everything inclusing oil. Russion gov then decided to privatize the oil industry. Yr2000 vladimir putin re nationalized oil (partial nationalization) o. 2008 recession has western countries nationalizing and scrambling.
