Why do some countries choose to nationalize natural resources? (natural resources and economies of latin america)

A big number of Latin American countries is poor. So due to the nationalization of resources more income goes to the government. Nationalization also excludes the possibility of resource income benefiting foreign interests. Furthermore, nationalization helps reduce inequality between social layers. When individuals or companies possess resources, there is often a larger income gap between the wealthy and the poor.

Many Latin American countries are very poor. When resources are nationalized, more income can go to the government. There are two ways that income is returned to the government. First, resources may be owned by the government, not by individuals. This is common for oil resources in most Latin American countries. Companies must pay high fees to produce the resources and are taxed heavily on profits. Nationalization also prevents resource income from benefiting foreign interests. In the past, foreign companies would exploit resources, and the profits would benefit the foreign power’s economy. Finally, nationalization helps reduce inequality. When private individuals or companies own valuable resources, there is often a larger income gap between the very wealthy and the very poor.

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