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English definition of “nationalization”

nationalization

noun [U] ( UK also nationalisation)
 
 
/ˌnæʃənəlaɪˈzeɪʃən/ US   /ˌnæʃənələˈzeɪʃən/ GOVERNMENT, ECONOMICS
a process in which a government takes control of an industry or company and becomes its owner: the nationalization of sth His plans include the nationalization of electricity and energy companies. The contract they signed in October was less lucrative than the one they had before nationalization. →  Compare privatization
(Definition of nationalization from the Cambridge Business English Dictionary © Cambridge University Press)
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