| 单词 | nationalized industry |
| 释义 | nationalized industry An industry whose ownership has been taken over by the state. Motives for nationalization varied: in some cases industries were nationalized because they were natural monopoly, such as public utilities, so that public ownership was expected to give consumers a better deal. Some industries were nationalized because large subsidies were neeeded to avoid run-downs in output and employment. In other cases the aim was to reduce the power of private capitalists, and take public control of ‘the commanding heights of the economy’. Critics of nationalization claimed that the absence of a hard budget constraint led to over-manning and inefficiency, that monopoly power led to lack of response to consumer needs and complaints, and that government interference with management decisions concerning pricing and investment obscured responsibility for their performance. In many countries formerly nationalized industries have in recent years been privatized, that is, sold off to private owners. See also: privatization |
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