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Write a 1-2 page essay considering whether the recent acts involving nationalization in Venezuela and Bolivia are in conformity with recognized international standards. You may compare these acts with the expropriation of foreign assets in China and Cuba after these nations experienced communist takeovers.

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The process of converting the private assets into the public assets is known as Nationalization as it brings everything which is under the control of private sector into the control of the public sector. Recently, two countries name Venezuela and Bolivia are going through the nationalization process. In Venezuela, the oil industry is already taken over by the 

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