| 单词 | nationalization |
| 释义 | nationalization The process of bringing the assets of a business into the ownership of the state. Examples of industries nationalized in the past in the UK include the National Coal Board and British Rail. Historically, nationalization has been achieved through compulsory purchase, although this need not necessarily be the case. Nationalization has often been pursued as much for political as economic ends and the economic justifications themselves are varied. One argument for nationalization is that if a company possesses a natural monopoly, then it should, for reasons of economic welfare, be run at a loss. Another argument might be that particular industries are strategically important for the nation and therefore cannot be entrusted to private enterprise. In the 1980s and 1990s Conservative governments reversed Labour's nationalization of the 1950s, 1960s, and 1970s with a series of privatization measures, on the grounds that competition should in theory increase efficiency and reduce prices. However, even where this has not proved to be the case in practice - notably the privatization of the UK rail network - Labour administrations since 1997 have been reluctant to take the utility back into public ownership. |
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