Nationalization

Nationalization is the process in which a country or a state takes control of a specific company or industry. With nationalization, control that once resided within a corporation now lies with the government. When companies once part of the private sector are transformed into a public good, it is often contentious and met with opposition. The income that once belonged to shareholders now belongs to the government. Ownership often extends to managerial and directorial control.
Industries often subject to nationalization include the commanding heights of the economy – telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water – though, in many jurisdictions, many such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former owners. Nationalization is distinguished from property redistribution in that the government retains control of the nationalized property. Some nationalizations occur when a government seizes illegally acquired property.

Sources:

Nationalization. CFI. Retrieved from: https://corporatefinanceinstitute.com/resources/economics/nationalization/