nationalization
Also known as nationalisation, renationalization
Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization (or deprivatization). Industries often subject to nationalization include telephones, electric power, fossil fuels, iron ore, railways, airlines, media, posta
AI overview
Nationalization is when a government takes control of privately owned businesses or resources and makes them publicly owned instead of privately owned. This matters because it represents a major shift in who controls important industries and assets, and it's often done for industries like utilities, transportation, and energy that affect many people's lives.
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- Décret de nationalisation des locaux de couvent Sainte-Cécile (1793) (Nationalization decree affecting the premises of the convent of Sainte-Cécile), Grenoble, France.jpg
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- Political support
- Economic analysis
- Trends
- Expropriation
- Marxist theory
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Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization (or deprivatization). Industries often subject to nationalization include telephones, electric power, fossil fuels, iron ore, railways, airlines, media, postal services, banks, and water (sometimes called the commanding heights of the economy), and in many jurisdictions such entities have no history of private ownership.
Nationalization may occur with or without financial compensation to the former owners. Nationalization is distinguished from property redistribution in that the government retains control of nationalized property. Some nationalizations take place when a government seizes property acquired illegally. For example, in 1945 the French government seized the car-maker Renault because its owners had collaborated with the 1940–1944 Nazi occupiers of France.