Nationalization

Nationalization is when a government takes control of private businesses or industries, usually to manage resources, services, or infrastructure considered vital for the country's welfare. This process often involves the government acquiring ownership or control, shifting decision-making from private owners to public authorities. Examples include nationalizing industries like oil, transportation, or utilities. The goal can be to improve access, ensure universal service, recover economic stability, or secure strategic interests. While it can lead to more equitable resource distribution, it also involves government management, which carries risks of inefficiency or reduced competition.