30 second guide to chavenomics

Hoodies and baseball caps?
Wrong Chavs. We are talking about Venezuela's president, Hugo Chavez, rather than the Burberry-topped walking Asbos that roam Britain's high streets.

Tell me more
Chavenomics is claimed by its author to be the embodiment of democratic socialism, though there is an anti-American slant to it. What distinguishes Chavez from the usual third world crackpots is that Venezuela sits on huge reserves of crude.

So what has he done?
The Chavez manifesto last year announced plans to nationalise large tracts of the country's economy - from the big media companies through to local electricity firms. Worrying for Western oil giants was his decision to take control of vast fields. BP and Chevron later agreed deals to continue as minority partners, America's Exxon has taken to the courts to seize back its Venezuelan assets.

So what's happened?
Mr Chavez threatened economic warfare on the US, which takes 12% of its oil from Venezuela.

And what next?
Chavez has said he will snatch milk plants owned by Switzerland's Nestle and Parmalat of Italy if they muscle in on state dairy producers' turf.