Venezuelan president Hugo Chávez is the new rock star of world politics. His impassioned rants against globalization, with animated poses to match, make front-page headlines almost daily. The commentariat—particularly in Europe—seems to buy Chávez's line that Latin Americans are so disenchanted by their short tryst with liberalism that they now prefer a strongman to spread the benefits of a commodity boom. The recent moves by a Chávez soulmate, Evo Morales, to renationalize the energy resources of Bolivia reinforce a growing perception that Latin America is lurching to the radical left. But it's not. While Chávez does seem to rekindle a...