nationalization

¹ Cultural  

1. A government takeover of a private business.

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nationalization ² Cultural  

1. The taking over of private property by a national government.

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Explanation

Nationalization is when something that's been privately owned switches to being controlled by the government. In the United States, airport security went through nationalization in 2001, becoming a government agency. Nationalization is often viewed negatively in countries with capitalist economic systems, seen by some as a slide toward socialism or communism, in which nationalization partly serves to redistribute money among all citizens. At various times in the US, nationalization has occurred in areas like the railway system, utility companies, and banks. The Latin root word is nationem, "birth, origin, breed, or tribe," and the original meaning of nationalization was "the act of investing with a national character."

Example Sentences

"Nationalization or not, they'll require technology," said Amanda Sanregret of privately held Summit Nanotech Corp, which earlier this month opened a Santiago office and DLE test facility.

From Reuters • Apr. 24, 2023

That show, “Richard Wagner and the Nationalization of Feeling,” opens April 9 and runs through September.

From New York Times • Apr. 8, 2022

Nationalization was not easy, since the Bolivian government could not expropriate assets but only raise taxes and renegotiate contracts.

From Salon • Nov. 22, 2019

Nationalization could allow us to review the ethical implications of their management decisions.

From Slate • Aug. 16, 2012

Nationalization, then, is not an end, but a means to an end, and when the question of ownership has been settled the question of administration remains for solution.

From The Acquisitive Society by Tawney, R. H.