(Alternate spelling: nationalisation).
Changing something from private to state ownership or control; SYN. nationalisation.
Policy of bringing a country's essential services and industries under public ownership. It was pursued, for example, by the UK Labour government 1945–51. Subsequently the trend toward nationalization has slowed and in many countries (the UK, France, and Japan) reversed (privatization). Assets in the hands of foreign governments or companies may also be nationalized; for example, Iran's oil industry (see Abadan), the Suez Canal, and US-owned fruit plantations in Guatemala, all in the 1950s.