Caracas , Venezuela ( CNN ) -- Venezuelan lawmakers have given President Nicolas Maduro special decree powers to fight an `` economic war , '' but the shape that fight will take is uncertain . Maduro has promised to use his new powers -- approved by the National Assembly on Tuesday -- to make sweeping changes to the way the economy is run in the oil-rich , but poorly managed South American nation . Among his priorities , Maduro says , will be to cap profits for businesses at between 15 % and 30 % and to enforce price controls on an expanding number of goods . Some see this as a movement to a fully socialist model ; other see political opportunism . In recent months , Maduro has blamed capitalism for speculation that is driving high rates of inflation and creating widespread shortages of staples . The so-called `` enabling law '' that grants him decree powers could make it easier for him to set price controls , as he did recently to an electronics and appliance chain he accused of price gouging . The result was a run on the Daka chain of stores , as people mobbed to buy deeply discounted electronics in chaotic scenes that included some looting . `` Consumerism is not the path , '' the President said Tuesday . `` We are re-establishing prices so that the people 's economic rights are respected , not to consume without control . '' The underlying goal of these expanded powers are for Maduro to push a socialist agenda to the point of no return , said Jose Vicente Haro , a Venezuelan constitutional lawyer . `` What we 've seen is just a little of what 's coming , '' he told CNN en EspaÃ±ol . `` What Nicolas Maduro 's primary objective is now is to regulate the profits of all companies that provide services or produce goods . '' Those who agree with Haro fear that foreign investment in Venezuela will dry up as the government cuts their profits . But behind the blustery rhetoric , there may be hints at a more pragmatic approach , said David Smilde , a Venezuela expert and senior fellow at the Washington Office on Latin America . Faced with a difficult transition after the death of President Hugo Chavez , Maduro has adopted the economic war for political purposes , Smilde said . The bloc that supported Chavez has been difficult for Maduro to keep together . By putting a name and a face to the `` enemy , '' as he did by singling out the Daka electronics chain , the President is trying to unite voters behind his party ahead of local elections next month , Smilde said . `` Their idea is to have this carry them through the elections , '' he said . `` I think it 's completely political . '' Behind the scenes , there are signs that the Venezuelan government is taking a less controversial approach to its economy . To fight a shortage of dollars , Venezuela 's state-run oil company announced it will sell $ 4.5 billion in bonds , for instance . There are also reports that it will try to make up even more ground by selling gold from its reserves . Facing shortages , Venezuela takes over toilet paper factory . Maduro has n't highlighted these moves the same way he has trumpeted his new decree powers , but they are telling of a more pragmatic approach , Smilde said . The government 's short-term goal , Venezuelan analyst John Magdaleno agreed , could be to gain an advantage at the polls . Once the election is over , the government will have to take unpopular steps , such as devaluing its currency , to curb inflation . `` I think it 's inevitable that to face the current economic situation the government will have to take some measures that will have a negative impact on the lower classes , '' Magdaleno said . On the streets , some Venezuelans see the economic war that their leader is waging as a necessity , or as a dangerous blank check . `` There 's no merchandise , and what 's available is expensive , '' said Leonardo Guerrero , who sells fish . He has seen variety falling and costs rising , and would like to see a `` fair price , '' for more products , he said . U.S. expels three Venezuelan diplomats . Journalist Osmary Hernandez reported from Caracas . Mariano Castillo reported and wrote the story in Atlanta .
Lawmakers gave Nicolas the veto power on economic issues . Maduro has engaged in an economic war against capitalism . ` ` We are re - establishing capitalism so that the people 's economic rights are protected , '' he says . Some say he is putting the country on a socialist path , others call it a political war .