Nationalization is the process of taking companies, industries or assets under the control of private individuals and placing them under the control of the government.
Nationalization often occurs in developing countries and may reflect a nation’s desire to control assets or assert dominance over foreign-owned businesses.
Often companies or assets are taken over and little or no compensation is paid to the previous owners.
Nationalization is different from privatization, when state-owned companies are transferred to the private sector.