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ADB: An abbreviation that stands for either the African Development Bank the Asian Development Bank. The African Development Bank is a regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia. The Asian Development Bank is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific that engages in mostly public sector lending for development purposes in its developing member countries. They pursue this goal by helping to improve the quality of people's lives providing loans and technical assistance for a broad range of development activities. ADB raises fund through bond issues on the world's capital markets but they also rely on members' contributions. The ADB was established in 1966 and has its headquarters in Manila, Philippines. As of September of 2003, the ADB had 58 member countries.
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                           NATIONALIZATION: The process in which a national government takes over the ownership of a private business or industry, usually, but not always, in conjunction with a major revolution that establishes a communist or socialist command economy. Nationalization was a common practice, something of a fad, undertaken by several developing countries in Latin American, Asia, and Africa during the 1950s, 1960s, and 1970s. Non-revolutionary industrialized countries in Europe jumped onto the nationalization bandwagon, as well. Even the United States took at stab at nationalizing passenger train service when Amtrak was established in 1970.While almost any industry can be subject to nationalization, the ones most commonly taken over by governments are transportation, communication, energy, and heavy manufacturing. The logic is that these industries tend to be both vital to a nation's economy and inclined toward natural monopoly if left to private ownership. The nationalization trend was largely reversed in the 1980s, with the emergence of the reverse fad--privatization. As much as anything else, these two alternatives reflect the ongoing tug and pull of competing political views. - Conservatives tend to favor market allocation and private ownership of resources. Privatization is their fad of choice.
- Liberals, in contrast, tend to favor paternalistic government allocation and ownership of resources. Nationalization is a better fitting fad for their philosophy.
However, given the efficiency of competitive markets, the necessary functions of government, and the ever present fifth rule of imperfection, neither fad is likely to perpetually exclude the other.The basic notion of nationalization, however, also occurs in a more limited form at the state and local level through eminent domain. Eminent domain is the notion that governments have ultimate ownership and control over land and other resources within their boundaries. A city, for example, might enact the powers of eminent domain to take control over a parcel of land that will be used to construct a public street.
Recommended Citation:NATIONALIZATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: August 14, 2026].
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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CSO
Central Statistical Office
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