Chavez Activates Price Law to End Capitalist Speculation
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President Hugo Chavez stepped up his control of the Venezuelan economy today as a new price regulation law came into effect that allows his government to set price caps on as many as 15,000 goods.
The cost of 18 products will immediately be frozen, including soap, toothpaste and diapers, Vice President Elias Jaua said. Transnational corporations such as Colgate-Palmolive Co., the world’s largest toothpaste maker, Johnson & Johnson, HJ Heinz Co and Unilever Plc, will have to report their production costs to enable the government to set prices, Jaua said.