A woman stands on her balcony next to a poster of Venezuelan President Hugo Chavez, in front of the military hospital where Chavez had been hospitalized. - 

The government of Venezuela announced today that President Hugo Chavez died at the age of 58.

Marketplace's Scott Tong reported on Chavez's legacy back in January. "Early on in his administration, Chavez took control of biggest piece of the economy: oil," Tong reported.

"He ran the place," Tong said today. "And several people I talked to said the Chavez model goes to the grave with him."

Read Tong's story on the economics of Chavez here.

Follow Scott Tong at @tongscott