No, it isn't.
I wish I was better informed on this issue as it pertains to South and Central American nations.
In general, I am under the impression that ownership of the land and productive natural resources is excessively concentrated among the extremely wealthy, elite minority -- which hinders middle class development, keeping the bulk of the people impoverished.
So I would agree with Jefferson that some kind of true land reform is necessary.
However, I would NOT trust a marxist like Chavez (or Castro) to implement such reforms fairly.
That's the great dilemna, going all the way back to the Spanish colonization of the Americas. From the start, vast county-sized tracts were given by the king to cronies as their personal property in perpetuity. Now it's coming to a head again, but as you say, we don't want a Castro-ite like Chavez doling out the land. In general, tiny family plots have proven to be financial losers; the small landholders can't afford the mechanization etc. I think we're in for another wave of neo-Marxism across Latin America. Nicaragua, Brazil, Venezuela, Equador, Bolivia are all turning socialist, which will only worsen their failing economies.