Nationalization

Nationalization
Not to be confused with Naturalization.
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A decree of the French Revolution, assigning a convent to the army

Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state.[1] Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being transferred to the public sector to be operated by or owned by the state. The opposite of nationalization is usually privatization or de-nationalization, but may also be municipalization.

A renationalization occurs when state-owned assets are privatized and later nationalized again, often when a different political party or faction is in power. A renationalization process may also be called reverse privatization. Nationalization has been used to refer to either direct state-ownership and management of an enterprise or to a government acquiring a large controlling share of a nominally private, publicly listed corporation.[citation needed]

The motives for nationalization are political as well as economic. It is a central theme of certain fascist, economic nationalist, populist and/or national liberation policies that industry should be owned by the state on behalf of the citizenry to allow for consolidation of resources and central planning or control for the purposes of economic development.

Nationalization was one of the major strategies advocated by socialists for transitioning to socialism. Socialist perspectives that favor nationalization are typically called state socialism. The goals of nationalization in this context were to dispossess large capitalists and redirect the profits from to the public purse, as a precursor to the long-term goals of the establishment of worker-management and reorganizing production toward use.[2]

Nationalized industries, charged with operating in the public interest, may be under strong political and social pressures to give much more attention to externalities. They may be obliged to operate some loss making activities where social benefits are clearly greater than social costs — for example, rural postal and transport services. As an instance, the United States Postal Service is guaranteed its nationalised status by the Constitution. The government has recognized these social obligations and, in some cases, provides subsidies for such non-commercial operations.

Since the nationalised industries are state owned, the government is responsible for meeting any debts incurred by these industries. The nationalized industries do not normally borrow from the domestic market other than for short-term borrowing. However, if they are profitable, the profit is often used as a means to finance other state services, such as social programs and government research — which can help lower the tax burden.

Nationalization may occur with or without compensation to the former owners. If it takes place without compensation it is a case of expropriation. 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, the French government seized the car-makers Renault because its owners had collaborated with the Nazi occupiers of France.

Contents

Compensation

A key issue in nationalization is payment of compensation to the former owner. The most controversial nationalizations, known as expropriations, are those where no compensation, or an amount far below the likely market value of the nationalized assets, is paid. Many nationalizations through expropriation have come after revolutions, in particular Communist-led revolutions.

The traditional Western stance on compensation was expressed by United States Secretary of State Cordell Hull, during the 1938 Mexican nationalization of the petroleum industry, that compensation should be "prompt, effective and adequate." According to this view, the nationalizing state is obligated under international law to pay the deprived party the full value of the property taken. The opposing position has been taken mainly by developing countries, claiming that the question of compensation should be left entirely up to the sovereign state, in line with the Calvo Doctrine. Socialist states have held that no compensation is due, based on the view that the former owners acquired ownership through exploitation, or that private ownership over socialized assets is illegitimate and exploitative of employees.

In 1962, the United Nations General Assembly adopted Resolution 1803, "Permanent Sovereignty over National Resources", which states that in the event of nationalization, the owner "shall be paid appropriate compensation in accordance with international law." In doing so, the UN rejected both the traditional Calvo-doctrinist view and the Communist view. The term "appropriate compensation" represents a compromise between the traditional views, taking into account the need of developing countries to pursue reform even without the ability to pay full compensation, and the Western concern for protection of private property.

When nationalizing a large business, the cost of compensation is so great that many legal nationalizations have happened when firms of national importance run close to bankruptcy and can be acquired by the government for little or no money. A classic example is the UK nationalization of the British Leyland Motor Corporation. At other times, governments have considered it important to gain control of institutions of strategic economic importance, such as banks or railways, or of important industries struggling economically. The case of Rolls-Royce plc, nationalized in 1971, is an interesting blend of these two arguments. This policy was sometimes known as ensuring government control of the "commanding heights" of the economy, to enable it to manage the economy better in terms of long-term development and medium-term stability. The extent of this policy declined in the 1980s and 1990s as governments increasingly privatized industries that had been nationalized, replacing their strategic economic influence with use of the tax system and of interest rates.

Nonetheless, national and local governments have seen the advantage of keeping key strategic assets in institutions that are not strongly profit-driven and can raise funds outside the public-sector constraints, but still retain some public accountability. Examples from the last five years in the United Kingdom include the vesting of the British railway infrastructure firm Railtrack in the not-for-profit company Network Rail, and the divestment of much council housing stock to "arms-length management companies", often with mutual status.

Notable nationalizations by country

Argentina

Australia

Bolivia

  • 2006 On May 1, 2006, newly elected Bolivian president Evo Morales announces plans to nationalize the country's natural gas industry; foreign-based companies are given six months to renegotiate their existing contracts.

Canada

Channel Islands

  • 2003 Aurigny Air Services was bought by the States of Guernsey to keep precious routes from the island to London.

Chile

Croatia

The HDZ government, on the break-up of Yugoslavia, nationalized private agricultural, non communist nationalized, property and rezoned it under the guise of forest statesmanship when their publicly professed agenda was to only complete the nationalization of the communists. Much of this land is in the process of being restituted and the model rethought.

Cuba

The Castro government gradually expropriated all foreign-owned private companies after the Cuban Revolution of 1959. Most of these companies were owned by U.S. corporations and individuals. Bonds at 4.5% interest over twenty years were offered to U.S. companies, but the offer was rejected by U.S. ambassador Philip Bonsal, who requested the compensation up front.[4] Only a minor amount, $1.3 million, was paid to U.S. interests before deteriorating relations ended all cooperation between the two governments.[4] The United States established a registry of claims against the Cuban government, ultimately developing files on 5,911 specific companies. The Cuban government has refused to discuss the effective and adequate compensation of U.S. claims. The United States government continues to insist on compensation for U.S. companies. In 1966-68, the Castro government nationalized all remaining privately owned business entities in Cuba, down to the level of street vendors.

Czechoslovakia

  • 1945 Large manufacturing enterprises.
  • 1948 All manufacturing enterprises.

Egypt

France

Nationalization in France dates back to the 'regies' or state monopolies first organized under the Ancien Régime, for example, the monopoly on tobacco sales. Communications companies France Telecom and La Poste are relics of the state postal and telecommunications monopolies.

There was a major expansion of the nationalised sector following World War II.[5] A second wave followed in 1982.

  • 1938 Societe Nationale des Chemins de Fer Francais (SNCF) (originally a 51% State holding, increased to 100% in 1982)[5]
  • 1945 Several nationalizations in France, including most important banks and Renault.[5] The firm was seized for Louis Renault's alleged collaboration with Nazi Germany, although this condemnation was without judgement and after his death, making this case remarkable and rare. A later judgement (1949) admitted that Renault's plant never collaborated. Renault was successful but unprofitable whilst nationalised and remains successful today, after having been privatized in 1996.
  • 1946 Charbonnages de France, Electricite de France (EdF), Gaz de France (GdF)
  • 1982 A large part of the banking sector and industries of strategic importance to the state, especially in electronics and communications, were nationalized under the new president François Mitterrand and the PS-led government. Many of those companies were privatized again after 1986.

The Paris regional transport operator, Regie Autonome des Transports Parisiens (RATP), can also be counted as a nationalised industry.

Germany

The German railways were nationalised after World War I. Partial privatisation of Deutsche Bahn is currently underway, as of 2008.

Most enterprises in East Germany were nationalised following World War II. After reunification, an agency, Treuhand, was established to return them to private ownership. However, due to structural and economic problems inherent in the previous regime, many of these had to be liquidated.

  • 2008 Renationalization of the "Bundesdruckerei" (Federal Print Office), which had been privatized in 2001.

Greece

Iceland

India

The nationalised banks were credited by some, including Home minister P. Chidambaram, to have helped the Indian economy withstand the global financial crisis of 2007-2009.[6][7]

Iran

Ireland

Railways in the Republic of Ireland were nationalised in the 1940s as Coras Iompair Eireann.

  • 2007 On August 3, 2007, the Irish government were offered a stake in Eircom's copper network infrastructure.[8] Ireland's telephone networks were privatised in 1999.
  • 2009 On January 16, 2009, the Irish Government nationalised Anglo Irish Bank to secure the bank's viability.[9]
  • 2010 Irish state owned bank Anglo Irish Bank is to take majority control of one of Ireland's largest companies QUINN group bringing it under Public ownership.[10]

Israel

  • 1983 Nationalization of the major Israeli banks: Bank Hapoalim, Bank Leumi, Discount Bank, Mezrachi Bank due to the Bank stock crisis that struck Israel in 1983.

Italy

The regime of Benito Mussolini extended nationalisation, creating the Istituto per la Ricostruzione Industriale (IRI) as a State holding company for struggling firms, including the car maker Alfa Romeo. A parallel body, Ente Nazionale Idrocarburi (Eni) was set up to manage State oil and gas interests.

Japan

Lithuania

In 2011 Snoras bank was nationalized by Lithuanian government.

Latvia

In 2008 Parex Bank was nationalized by Latvian government.

Malta

  • 1974 Bank of Valletta is founded following nationalisation of the National Bank of Malta

Mexico

  • 1938 The Expropriation of the Petroleum Industry of Mexico: President Lázaro Cárdenas issued a decree that the petroleum companies were in rebellion against the government of Mexico and under the powers granted him under the Expropriation Act passed by the Congress of Mexico in late 1936 expropriated them. March 19, 1938, union personnel took control of the properties.[11]
  • 1982 The nationalization of the Mexican banking system made by President José López Portillo, later in the Carlos Salinas de Gortari presidency (1988–1994) a large number of banks were privatized.

The Netherlands

  • 2008 The Dutch State nationalizes the Dutch activities of Belgian-Dutch banking and insurance company Fortis, which had come in solvability problems due to the international financial crisis.

New Zealand

  • 2001 Central government purchased the Auckland railway network from Tranz Rail.
  • 2003 The Labour Government of New Zealand took an 80% stake in near-bankrupt national air carrier Air New Zealand in exchange for a large financial infusion.
  • 2004 The rest of the country's rail network is purchased from Toll New Zealand, formerly known as Tranz Rail. A new state owned enterprise, ONTRACK, was established to maintain the rail infrastructure.
  • 2008 The rolling stock of Toll New Zealand was purchased by central government, bringing the rail system under total state ownership and renamed KiwiRail.

Pakistan

  • 1972 On January 2, 1972, Zulfiqar Ali Bhutto, after the fall of East Pakistan, announced the nationalisation of all major industries, including iron and steel, heavy engineering, heavy electricals, petrochemicals, cement and public utilities except textiles industry and lands. [12]

Philippines

During the administration of Ferdinand Marcos, important companies such as PLDT, Philippine Airlines, Meralco and the Manila Hotel were nationalized. Other companies were sometimes absorbed into these government-owned corporations, as well as other companies, such as Napocor and the Philippine National Railways, which in their own right are monopolies (exceptions are Meralco and the Manila Hotel). Today, these companies have been reprivatized and some, such as PLDT and Philippine Airlines, have been de-monopolized. Others, like government-formed and owned Napocor, are in the process of privatization.

Poland

Portugal

  • 1974 In the years following the Carnation Revolution, the Junta de Salvação Nacional and Provisional Governments nationalized all the banking, insurance, petrol and industrial companies. Among those companies were Companhia União Fabril (CUF), the assets of the Champalimaud family and SONAE. Along with the telecommunications companies, which were state-owned even before the Revolution, many of the nationalized companies were reprivatized in the 1980s and 1990s. In the agricultural sector, according to government estimates, about 900,000 hectares (2,200,000 acres) of agricultural land were occupied between April 1974 and December 1975 in the name of land reform; about 32% of the occupations were ruled illegal. In January 1976, the government pledged to restore the illegally occupied land to its owners, and in 1977, it promulgated the Land Reform Review Law. Restoration of illegally occupied land began in 1978.[13][14]
  • 2008: BPN - Banco Português de Negócios bank nationalised to prevent its collapse.

Romania

  • 1948 With the Decree 119 of June 11, 1948, the new Romanian communist regime nationalised all the existing private companies and their assets in Romania leading to the transformation of the Romanian economy from a market economy to a planned economy.
  • 1950 With the Decree 92 of April 19, 1950, a huge number of private houses and lands are confiscated.

Russia

  • 1998 The Yeltsin government began seizing Gazprom assets, claiming that the company owed back taxes. Privatization of Gazprom from the mid 1990s had been reduced to 38.37% with the intention of achieving full privatization. However, the stake of the Russian Government in Gazprom has since been increased to 50% with Vladimir Putin's plan to increase the stake to a controlling position. Gazprom is also buying up both Russian and other international utility companies.

South Korea

  • 1946 USAMGIK nationalized all South Korean private railroad companies and made Department of Transportation. This now becomes Korail.

Soviet Union

  • 1918 All manufacturing enterprises, many retailing enterprises, any private enterprises, the whole bank system, agrarian sector, others. Basically everything was nationalized in the name of the Revolution (a justification phrased used upon the nationalization process), no private ownership was allowed. Later the government of Lenin introduced the New Economic Policy that slightly reverted process, however upon the death of the Soviet vozhd (Lenin) Stalin renewed the process again.

Spain

  • 1941 Spain's railways were nationalised, as RENFE, in the aftermath of the Spanish Civil War.
  • 1983 Nationalization without compensation of the Spanish Rumasa. Separate business were later privatized.

Sri Lanka

  • 1958 The Government nationalised Bus transport (creating the Ceylon Transport Board). The Colombo Port was also nationalised the same year.
  • 1961 The local subsidiaries of the foreign owned petroleum companies, Caltex, Esso and Shell had formed a cartel, to break which they were nationalised. The Insurance companies and the Bank of Ceylon were also nationalised in the same year.
  • 1971 Graphite mines nationalised.
  • 1972 Locally owned Tea and Rubber plantations were nationalised under the Land Reform law.
  • 1975 Sterling plantation companies (owned by British plantation companies) were nationalised.
  • 2009 Seylan Bank nationalised to prevent its collapse.
  • 2011 Sri Lanka's Expropriation Act was passed by the Cabinet. The government will take over "underperforming or underutilized assets of 37 enterprises".[15]

Sweden

  • 1939-1948 Nationalisation of most of the private Railway companies.
  • 1957 The mining company LKAB is nationalized. The state had owned 50% of the corporation's shares, with options to buy the remainder, since 1907.[16]
  • 1992 A large part of Sweden's banking sector is nationalized.[17]

United Kingdom

The following companies/industries were the subject of nationalisation in the given year:

British assets nationalised by other countries

United States

  • 1862: The Legal Tender Act nationalized the monetary system under fiat currency.
  • 1863: The National Bank Act nationalized the banking system and further monopolized the money supply.
  • 1917: All U.S. railroads were nationalized as the Railroad Administration during World War I as a wartime measure. The United States Railroad Administration was returned to private ownership in 1920.
  • 1939: Organization of the Tennessee Valley Authority entailed the nationalization of the facilities of the former Tennessee Electric Power Company.
  • 1971: The National Railroad Passenger Corporation (Amtrak) is a government-owned corporation created in 1971 for the express purpose of relieving American railroads of their legal obligation to provide inter-city passenger rail service. The (primarily) freight railroads had petitioned to abandon passenger service repeatedly in the decades leading up to Amtrak's formation.
  • 1976: The Consolidated Rail Corporation (Conrail), another government corporation, was created to take over the operations of six bankrupt rail lines operating primarily in the Northeast; Conrail was privatized in 1987. Initial plans for Conrail would have made it a truly nationalized system like that during World War I, but an alternate proposal by the Association of American Railroads won out.
  • 1980s: Resolution Trust Corporation seized control of hundreds of failed Savings & Loans.
  • 2001: In response to the September 11 attacks, the then-private airport security industry was nationalized and put under the authority of the Transportation Security Administration.
  • 2008: Some economists consider the U.S. government's takeover of the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association to have been nationalization.[26][27] The conservatorship model used with Fannie Mae and Freddie Mac is looser and more temporary than nationalization.[28]
  • 2009: Some economists consider the U.S. government's actions with regards to Citigroup to have been a partial nationalization.[29] Proposal was made that banks like Citigroup be brought under a conservatorship model similar to Fannie Mae and Freddie Mac, that some of their "good assets" be dropped into newly created "good bank" subsidiaries (presumably under new management), and the remaining "bad assets" be left to be managed under the supervision of a conservatorship structure.[28] The U.S. government's actions with regard to General Motors in replacing the CEO with a government approved CEO is likewise being considered as nationalization.[30][31] On June 1, 2009, General Motors filed for bankruptcy, with the United States investing up to $50 billion and taking 60% ownership in the company. President Obama stated that the nationalization was temporary, saying, "We are acting as reluctant shareholders because that is the only way to help GM succeed"[32]

Venezuela

  • 2007 On May 1, 2007, Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects, a controversial component in President Hugo Chavez's nationalization drive.
  • 2008 On April 3, 2008, President Hugo Chavez ordered the nationalization of the cement industry.[33]
  • 2008 On April 9, 2008, Hugo Chavez ordered the nationalization of Venezuelan steel mill Sidor, in which Luxembourg-based Ternium currently holds a 60% stake. Sidor employees and the Government hold a 20% stake respectively.[34]
  • 2008 On August 19, 2008, Hugo Chavez ordered the take-over of a cement plant owned and operated by Cemex, an international cement producer. While shares of Cemex fell on the New York Stock Exchange, the cement plant comprises only about 5% of the company's business, and is not expected to adversely affect the company's ability to produce in other markets. Chavez has been looking to nationalize the concrete and steel industries of his country to meet home building and infrastructure goals.[35]
  • 2009 On February 28, 2009, Hugo Chavez ordered the army to take over all rice processing and packaging plants.[36]
  • 2010 On January 20, 2010, Hugo Chavez signed an ordinance to nationalize six supermarkets in Venezuela under the system of retail stores of a French company because of increasing price and speculation hoarding illicit.[37]
  • 2010 On June 24, 2010, Venezuela announced the intention to nationalize oil drilling rigs belonging to the U.S. company Helmerich & Payne.[38]
  • 2010 On October 25, 2010, Chavez announced that the government was nationalizing two U.S.-owned Owens-Illinois glass-manufacturing plants.[39]
  • 2010 On October 31, 2010, Venezuelan President Hugo Chavez said his government will take over the Sidetur steel manufacturing plant. Sidetur is owned by Vivencia, which had two mineral plants appropriated by the government in 2008.[39]

Zimbabwe

  • Zimbabwe has nationalized its food distribution infrastructure.
  • Zimbabwe Cricket formerly the Zimbabwe Cricket Union was nationalised in 2004

Other countries

See also

References

  1. ^ http://www.merriam-webster.com/dictionary/nationalization
  2. ^ The Economics of Feasible Socialism Revisted, by Nove, Alexander. 1991. (P.176): "The original notion was that nationalization would achieve three objectives. One was to dispossess the big capitalists. The second was to divert the profits from private appropriation to the public purse. Thirdly, the nationalized sector would serve the public good rather than try to make private profits...To these objectives some (but not all) would add some sort of workers' control, the accountability of management to employees."
  3. ^ The Constitutional Centre of Western Australia | The Role of The High Court
  4. ^ a b Thomas, Hugh (March 1971). Cuba; the Pursuit of Freedom. New York: Harper & Row. pp. 224, p252. ISBN 0060142596. 
  5. ^ a b c Myers (1949)
  6. ^ PSU banks' policies saved India from financial blushes: Chidambaram
  7. ^ The importance of public banking
  8. ^ Eircom and State in broadband swap?
  9. ^ Government nationalises 'fragile' Anglo Irish Bank
  10. ^ Anglo Irish Bank's €700m Quinn plan
  11. ^ The Expropriation of the Petroleum Industry of Mexico in 1938
  12. ^ US Country Studies. "Zulfikar Ali Bhutto" (PHP). http://countrystudies.us/pakistan/20.htm. Retrieved 2006-11-07. 
  13. ^ "Portugal", Country Studies (U.S. Library of Congress), http://countrystudies.us/portugal/63.htm, "In the mid-1980s, agricultural productivity was half that of the levels in Greece and Spain and a quarter of the EC average. The land tenure system was polarized between two extremes: small and fragmented family farms in the north and large collective farms in the south that proved incapable of modernizing. The decollectivization of agriculture, which began in modest form in the late 1970s and accelerated in the late 1980s, promised to increase the efficiency of human and land resources in the south during the 1990s." 
  14. ^ "Portugal Agriculture", The Encyclopedia of the Nations, http://www.nationsencyclopedia.com/Europe/Portugal-AGRICULTURE.html 
  15. ^ [http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=38154 Lanka risks losing image, investment]
  16. ^ A Historic Journey Luossavaara-Kiirunavaara Aktiebolag, April 2006
  17. ^ Stopping a Financial Crisis, the Swedish Way
  18. ^ Schifferes, Steve (February 18, 2008). "The lessons of nationalisation". BBC News. http://news.bbc.co.uk/1/hi/business/7250252.stm. Retrieved May 20, 2010. 
  19. ^ http://www.historytoday.com/dt_main_allatonce.asp?gid=9859&g9859=x&g9857=x&g30026=x&g20991=x&g21010=x&g19965=x&g19963=x&amid=9859
  20. ^ SN 1825 -Nationalisation of the UK Coal Royalties, 1938 : Compensation Payments
  21. ^ http://www.uksteel.org.uk/history.htm
  22. ^ a b "What was the last nationalisation?", BBC News, 18 February 2008
  23. ^ House of Commons Hansard Written Answers for 12 Feb 2002 (pt 16)
  24. ^ "Northern Rock to be nationalised". BBC News. February 17, 2008. http://news.bbc.co.uk/1/hi/business/7249575.stm. Retrieved May 20, 2010. 
  25. ^ "HIGHLIGHTS-Britain nationalises Bradford & Bingley". Reuters. September 29, 2008. http://www.reuters.com/article/economicNews/idUSBINGLEY20080929. 
  26. ^ US rescue of Fannie, Freddie poses taxpayer risks
  27. ^ Diamond and Kashyap on the Recent Financial Upheavals
  28. ^ a b Baxter, Lawrence; Brown, Bill; Cox, Jim (February 27, 2009). "Finally, A Bridge to Somewhere". Huffington Post. http://www.huffingtonpost.com/lawrence-baxter-bill-brown-and-james-cox/finally-a-bridge-to-somew_b_170688.html. 
  29. ^ Nature of Citi stake debatable
  30. ^ Am I the Last Capitalist? Obama Falters on Rick Wagoner, GM, and the Auto Industry - Mary Kate Cary (usnews.com)
  31. ^ "If, in fact, Wagoner resigned because somebody in government said, 'You have to resign,' then I think we have nationalized the auto industry, at least GM, and I think that's bad to have the government have a socialized car industry," -Sen. Chuck Grassley (R-Iowa)
  32. ^ The Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2009/06/01/AR2009060101480.html. [dead link]
  33. ^ Al Jazeera English - Americas - Chavez nationalises cement industry
  34. ^ "Venezuela to nationalize steelmaker Sidor: union". Reuters. April 9, 2008. http://www.reuters.com/article/worldNews/idUSN0942912020080409?feedType=RSS&feedName=worldNews. 
  35. ^ "Venezuela Seizes Cemex - Forbes.com". http://www.forbes.com/markets/2008/08/19/cemex-venezuela-chavez-markets-equity-cx_ra_0819markets41.html. [dead link]
  36. ^ "Chavez sends army to rice plants". BBC News. March 1, 2009. http://news.bbc.co.uk/2/hi/americas/7917176.stm. Retrieved May 20, 2010. 
  37. ^ Venezuela quốc hữu hóa 6 siêu thị ngoại quốc (Vietnamese)
  38. ^ Frank Jack Daniel (June 24, 2010). "Venezuela to nationalize U.S. firm's oil rigs". Reuters. http://www.reuters.com/article/idUSTRE65N0UM20100624. 
  39. ^ a b the CNN Wire Staff (November 2, 2010). "Venezuela nationalizes private steel plant". CNN.com. http://www.cnn.com/2010/WORLD/americas/11/01/venezuela.nationalization/index.html. 

Bibliography

On banks nationalization

  • La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, Government Ownership of Banks, The Journal of Finance, vol. 57, No. 1 (Feb. 2002), 265-301.

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Look at other dictionaries:

  • Nationalization — Na tion*al*i*za tion, n. The act of nationalizing, or the state of being nationalized. [1913 Webster] …   The Collaborative International Dictionary of English

  • nationalization — index condemnation (seizure) Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • nationalization — (n.) 1801, act of rendering national in character, from NATIONALIZE (Cf. nationalize) + ATION (Cf. ation). Meaning act of bringing (property) under control of the national government is from 1874 …   Etymology dictionary

  • nationalization — (Amer.) na·tion·al·i·za·tion || ‚næʃnÉ™lÉ™ zeɪʃn / laɪ n. naturalization; formation of country; making national (also nationalisation) …   English contemporary dictionary

  • nationalization — See nationalize. * * * ▪ economic policy       alteration or assumption of control or ownership of private property by the state. It is historically a more recent development than and differs in motive and degree from “expropriation” or “eminent… …   Universalium

  • Nationalization — Refers to the process of a government taking control of a company or industry, which can occur for a variety of reasons. When nationalization occurs, the former owners of the companies may or may not be compensated for their loss in net worth and …   Investment dictionary

  • nationalization — A government takeover of a private company. Bloomberg Financial Dictionary * * * nationalization na‧tion‧al‧i‧za‧tion [ˌnæʆnəlaɪˈzeɪʆn ǁ nələ ] also nationalisation noun [countable, uncountable] ECONOMICS the act of bringing a company or… …   Financial and business terms

  • nationalization — The process of bringing the assets of a business into the ownership of the state. Examples of industries nationalized in the past in the UK include the National Coal Board and British Rail. Historically, nationalization has been achieved through… …   Accounting dictionary

  • nationalization — The process of bringing the assets of a business into the ownership of the state. Examples of industries nationalized in the past in the UK include the National Coal Board and British Rail. Historically, nationalization has been achieved through… …   Big dictionary of business and management

  • nationalization — nationalize (also nationalise) ► VERB ▪ transfer (an industry or business) from private to state ownership or control. DERIVATIVES nationalization noun …   English terms dictionary

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