In a poor country, I personally have no problem with land redistribution, or nationalizing underused capital. Providing the previous owners are properly compensated. Also providing the nationalized businesses are then run according to law and transparency - in other words, that they are not just nationalized, but properly socialized.. (Doesn't happen very often .. um, to say the least .. but it IS achievable in principle) Chavez however is telling the previous owners to get stuffed and bugger off. That just isn't necessary and smacks of Mugabe-like bastardry IMO.

That being said, you are absolutely right to say other countries should keep out of this.