Caracas, Venezuela ? Invoking Christ and Castro as his socialist models, President Hugo Chavez began his third term Wednesday by declaring that socialism, not capitalism, is the only way forward for Venezuela and the world.

His first stop: Nicaragua, where leftist ally Daniel Ortega was returning to power with his own inauguration hours later. Chavez can now count on remaining president until 2013 – or later if he gets his way with a constitutional amendment allowing him to run again.

At the apex of a resurgent Latin American left, Chavez has been emboldened to make more radical changes at home after winning re-election with 63 percent of the vote, his widest margin ever.

His next moves include nationalizing electrical and telecommunications companies, forming a commission to oversee constitutional reforms and asking the National Assembly, now entirely controlled by his supporters, to allow him to enact “revolutionary laws” by presidential decree.

His right hand raised Wednesday, Chavez declared in words reminiscent of Fidel Castro’s famous call-to-arms: “Fatherland, socialism or death – I swear it.” He also alluded to Jesus: “I swear by Christ – the greatest socialist in history.”

In a speech, he said the central aim of his term will be “to build Venezuelan socialism.”

“I don’t have the slightest doubt that is the only path to the redemption of our peoples, the salvation of our fatherland,” Chavez told lawmakers to applause.

With oil profits booming and his popularity high, Chavez seems to be in step with many Venezuelans even as spooked investors rushed to sell off Venezuelan stocks in companies subject to his nationalization plans.

Chavez called that a knee-jerk overreaction, and shares in Venezuela’s leading telephone company rebounded as the congressional finance chief assured reporters Wednesday that the government will negotiate compensation to the affected companies.

Chavez said he is crafting a new sort of “21st century socialism” for Venezuela. Critics say it is starting to look like old-fashioned totalitarianism by a leader obsessed with power.

But many of Chavez’s largely poor and working-class supporters remain optimistic. Miguel Angel Martinez, a 52-year-old street vendor, said the president “has dedicated himself to studying communist, socialist and democratic models and has taken the best of those models.”