Siad Barre
Siad Barre quickly brought a substantial proportion of the modern economy under state control. The government nationalized banks, insurance companies, petroleum distribution firms, and the sugar-refining plant and created national agencies for construction materials and foodstuffs. Although the Somali neologism for socialism, hantiwadaag, could be translated as the "sharing of livestock," camel herds were not nationalized, and Siad Barre reassured pastoralists that hantiwadaag would not affect their animals. To mollify international business, in 1972 Siad Barre announced a liberal investment code. Because the modern economy was so small, nationalization was more showmanship than a radical change in the economy.