What is the term for the transfer of private industry or assets to public ownership by the government?

The term for the transfer of private industry or assets to public ownership by the government is nationalization. This process typically involves the government taking control over previously privately-owned businesses or assets, often with the goal of managing them in the public interest. Nationalization can occur in various sectors, including utilities, transportation, and natural resources, and is often justified by the belief that essential services should be owned and operated by the government for the benefit of society as a whole.

This concept is contrasted with privatization, which refers to transferring public services or assets into private ownership. Commercialization relates to the process of turning public services into profit-making operations, while regulation involves the government setting rules or guidelines to oversee private industries and ensure they operate fairly and safely. These distinctions are key to understanding the broader economic policies at play in various governmental approaches to industry management.