
Nationalization is the act of taking assets into public ownership. Usually it refers to private assets being nationalized, but sometimes it may be assets owned by other levels of government, such as municipalities. Similarly, the opposite of nationalization is usually privatization, but sometimes it may be municipalization. Nationalization that happens after a previous privatization is often called ''renationalization''. A key issue in nationalization is whether the private owner is properly compensated for the value of the institution. The most controversial nationalizations are those where no compensation is paid or an amount unreasonably below the likely market rate (expropriation). Many nationalizations through expropriation have come after revolutions, especially communism ones. The cost of legally buying a large business is such that many legal nationalizations have happened when firms of national importance run into trouble (close to bankruptcy), and could be acquired by the government for little or no money. A classic example is the United Kingdom nationalization in the 1970s of the car-maker British Leyland. At other times governments have felt it important to gain control of institutions and industries of strategic economic importance, such as banks or railways, or of important industries struggling economically. (The case of Rolls Royce plc, nationalised in 1971, is an interesting blend of these two arguments - see below). 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. ==Notable nationalizations== * Britain - British Coal, British Gas, British Petroleum, British Rail, British Steel, British Leyland, British Airways and the telephones division of the Post Office (now British Telecom). All the aforementioned were privatized during the Conservative Party (UK) period in power from 1979-1997. Many - particularly British Steel and British Leyland - fared poorly whilst nationalized. Conversely, British Rail (broken up into multiple parts including train operators, train owners, and a track owner; the latter now effectively renationalized as Network Rail after near-bankruptcy) fared poorly after privatization. Another example of a sucessful large nationalised utility was the CEGB, which was for a time the world's largest integrated electricity generator.Nationalisation was used by all political parties. In 1971 the Conservative government of Edward Heath nationalised the strategically-important aero-engine part of the recently-bankrupt Rolls Royce plc. * Canada - Canadian National Railway, created from several systems nation-wide following their bankruptcy during and after the World War I, and since privatized. Nationalization of electricity during the Quiet Revolution of Quebec, by minister René Lévesque and the Jean Lesage government, to create Hydro-Quebec. * United States - Amtrak, a government corporation created in 1971 for the express purpose of relieving American railroads of their legal obligation to carry intercity passengers. They were trying to get out of this obligation anyway, but by taking over their passenger rail assets, Amtrak was able to keep the passenger trains running. Conrail was created shortly afterward (1976) to rationalize the operations of several financially-troubled or bankrupt rail lines operating primarily in the Northeast Corridor; this corporation has since been privatized. All U.S. railroads were nationalized during World War I as a wartime measure but were returned to their private owers almost immediately after the war. Organization of the Tennessee Valley Authority entailed the nationalization of the facilities of the former Tennessee Electric Power Company in 1939. * Nationalization of the oil industry in numerous countries, including Kuwait, Mexico, Saudi Arabia, and Venezuela. * Companies in Cuba after the 1959 revolution bringing Fidel Castro to power in which the assets of foreign (largely U.S.) companies were expropriated without compensation (the United States has long complained about these nationalizations). * Zimbabwe's nationalization of its food distribution infrastructure. * 1918, 1948. All manufacturing enterprises in the Soviet Union, in 1918, as well as in other countries of the Soviet bloc (for example, Czechoslovakia in 1948). * 1918. Many retailing enterprises in the Soviet Union. * 1944. Renault (seized from Louis Renault (industrialist) after WWII for his collaboration with Nazi Germany). Renault was successful whilst nationalised and remains successful today, after having been privatised in 1996. * 1969. Nationalization of banks in India. * 1982. The Paris business of mergers and acquisitions advisory firm Rothschild was nationalized and renamed. ==See also== *Privatization *Public ownership Economics
==POV removals== *1982. "The Paris business of M&A advisory firm Rothschild was nationalized and renamed by the socialist government." was changed to "1982. The Paris business of M&A advisory firm Rothschild was nationalized and renamed."--User:Jerryseinfeld 01:41, 8 Jan 2005 (UTC) ::Francois Mitterand's Parti Socialiste was social democracy; social democracy is quite far removed from the popular view of "socialism". -- User:Mihnea Tudoreanu 01:46, 8 Jan 2005 (UTC) :::But by their name they don't ''claim'' to be social democratic, but rather socialist, n'est-ce pas? User:Rlquall 12:02, 5 Jun 2005 (UTC) *"Government ownership / public ownership" was changed to just "Public ownership". Who are you trying to fool?--User:Jerryseinfeld 01:41, 8 Jan 2005 (UTC) ::The two links point to the same article. I removed the redundant link. -- User:Mihnea Tudoreanu 01:46, 8 Jan 2005 (UTC) == Spelling == I am very aware of the general Wikipedia policy to use American spellings for American topics and British spellings for UK/Commonwealth topics. But obviously this topic is neither specifically one or the other and changing spellings ''within'' the article looks ridiculous. Changing them all to the American-preferred ones is ''not'' an instance of American imperialism but rather making the article seem comparable to other encyclop(a)edia articles. User:Rlquall 12:00, 5 Jun 2005 (UTC)
See other meanings of words starting from letter:
Words begining with Nationalization:
Nationalization
Nationalization
Nationalization_of_copper
Nationalization
Nationalization is the act of taking assets into public ownership. Usually it refers to private assets being nationalized, but sometimes it may be assets owned by other levels of government, such as municipalities. Similarly, the opposite of nationalization is usually privatization, but sometimes it may be municipalization. Nationalization that happens after a previous privatization is often called ''renationalization''. A key issue in nationalization is whether the private owner is properly compensated for the value of the institution. The most controversial nationalizations are those where no compensation is paid or an amount unreasonably below the likely market rate (expropriation). Many nationalizations through expropriation have come after revolutions, especially communism ones. The cost of legally buying a large business is such that many legal nationalizations have happened when firms of national importance run into trouble (close to bankruptcy), and could be acquired by the government for little or no money. A classic example is the United Kingdom nationalization in the 1970s of the car-maker British Leyland. At other times governments have felt it important to gain control of institutions and industries of strategic economic importance, such as banks or railways, or of important industries struggling economically. (The case of Rolls Royce plc, nationalised in 1971, is an interesting blend of these two arguments - see below). 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. ==Notable nationalizations== * Britain - British Coal, British Gas, British Petroleum, British Rail, British Steel, British Leyland, British Airways and the telephones division of the Post Office (now British Telecom). All the aforementioned were privatized during the Conservative Party (UK) period in power from 1979-1997. Many - particularly British Steel and British Leyland - fared poorly whilst nationalized. Conversely, British Rail (broken up into multiple parts including train operators, train owners, and a track owner; the latter now effectively renationalized as Network Rail after near-bankruptcy) fared poorly after privatization. Another example of a sucessful large nationalised utility was the CEGB, which was for a time the world's largest integrated electricity generator.Nationalisation was used by all political parties. In 1971 the Conservative government of Edward Heath nationalised the strategically-important aero-engine part of the recently-bankrupt Rolls Royce plc. * Canada - Canadian National Railway, created from several systems nation-wide following their bankruptcy during and after the World War I, and since privatized. Nationalization of electricity during the Quiet Revolution of Quebec, by minister René Lévesque and the Jean Lesage government, to create Hydro-Quebec. * United States - Amtrak, a government corporation created in 1971 for the express purpose of relieving American railroads of their legal obligation to carry intercity passengers. They were trying to get out of this obligation anyway, but by taking over their passenger rail assets, Amtrak was able to keep the passenger trains running. Conrail was created shortly afterward (1976) to rationalize the operations of several financially-troubled or bankrupt rail lines operating primarily in the Northeast Corridor; this corporation has since been privatized. All U.S. railroads were nationalized during World War I as a wartime measure but were returned to their private owers almost immediately after the war. Organization of the Tennessee Valley Authority entailed the nationalization of the facilities of the former Tennessee Electric Power Company in 1939. * Nationalization of the oil industry in numerous countries, including Kuwait, Mexico, Saudi Arabia, and Venezuela. * Companies in Cuba after the 1959 revolution bringing Fidel Castro to power in which the assets of foreign (largely U.S.) companies were expropriated without compensation (the United States has long complained about these nationalizations). * Zimbabwe's nationalization of its food distribution infrastructure. * 1918, 1948. All manufacturing enterprises in the Soviet Union, in 1918, as well as in other countries of the Soviet bloc (for example, Czechoslovakia in 1948). * 1918. Many retailing enterprises in the Soviet Union. * 1944. Renault (seized from Louis Renault (industrialist) after WWII for his collaboration with Nazi Germany). Renault was successful whilst nationalised and remains successful today, after having been privatised in 1996. * 1969. Nationalization of banks in India. * 1982. The Paris business of mergers and acquisitions advisory firm Rothschild was nationalized and renamed. ==See also== *Privatization *Public ownership Economics
Nationalization
==POV removals== *1982. "The Paris business of M&A advisory firm Rothschild was nationalized and renamed by the socialist government." was changed to "1982. The Paris business of M&A advisory firm Rothschild was nationalized and renamed."--User:Jerryseinfeld 01:41, 8 Jan 2005 (UTC) ::Francois Mitterand's Parti Socialiste was social democracy; social democracy is quite far removed from the popular view of "socialism". -- User:Mihnea Tudoreanu 01:46, 8 Jan 2005 (UTC) :::But by their name they don't ''claim'' to be social democratic, but rather socialist, n'est-ce pas? User:Rlquall 12:02, 5 Jun 2005 (UTC) *"Government ownership / public ownership" was changed to just "Public ownership". Who are you trying to fool?--User:Jerryseinfeld 01:41, 8 Jan 2005 (UTC) ::The two links point to the same article. I removed the redundant link. -- User:Mihnea Tudoreanu 01:46, 8 Jan 2005 (UTC) == Spelling == I am very aware of the general Wikipedia policy to use American spellings for American topics and British spellings for UK/Commonwealth topics. But obviously this topic is neither specifically one or the other and changing spellings ''within'' the article looks ridiculous. Changing them all to the American-preferred ones is ''not'' an instance of American imperialism but rather making the article seem comparable to other encyclop(a)edia articles. User:Rlquall 12:00, 5 Jun 2005 (UTC)
See other meanings of words starting from letter:
N
NA | NB | NC | ND | NE | NF | NG | NH | NI | NJ | NK | NL | NM | NO | NP | NR | NS | NT | NU | NW | NX | NY | NZ |Words begining with Nationalization:
Nationalization
Nationalization
Nationalization_of_copper
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