Socialism is for the good of the people, right? It's not right for the rich industrialists to own the means to production. So the enlightened thing to do is for the people to own it. At least that is the way I understand it is supposed to work. So now we get this from Venezuelan President Hugo Chavez who is nationalizing the oil, banking, communications, and electricity:

In his speech, he said he will ask the Venezuelan congress to allow him to rule by decree, a power he enjoyed for a year in 2000-2001. Last month, the 52-year-old president said he would seek to change the constitution to end presidential term limits.

So in this case it's for the good of Chavez instead of "the people".

Socialism--The Road to Serfdom. In this case they are becoming the serfs of Hugo Chavez.