Venezuela: Philanthropy Is Not Enough

His wealth is prodigious. He controls 15 companies—ranging from a cement combine to a paper and pulp plant—whose annual sales exceed $100 million, and his personal fortune is estimated to be at least $25 million. But Venezuela's courtly Eugenio Mendoza, 56, is more than his country's leading industrialist; he is also its leading philanthropist. Says he: "We businessmen always talk about the need to make dividends for our shareholders, but we must also create a dividend for the community."

As early as 1934, Mendoza granted bonuses and set up profit sharing for his workers; today, his 5,000 employees receive nearly...

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