NATIONALIZATION: The process of a national government taking over the ownership of a private business or industry, usually in conjunction with a major revolution that establishes a communistic or socialist command economy. Nationalization was a common practice, sort of a fad, during the 1950s,1960s, and 1970s. Even non-revolutionary industrialized countries in Europe jumped onto the nationalization bandwagon. The United States also took at stab at nationalizing passenger train service when Amtrak was established in 1970.

     See also | government | public sector | private sector | socialism | command economy | natural monopoly | privatization | efficiency | competitive market | government functions | fifth rule of imperfection | conservative | liberal |

NATIONALIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 23, 2019].

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The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.

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