When an industry formerly owned by individuals is taken over by the government, such an industry becomes

When an industry formerly owned by individuals is taken over by the government, such an industry becomes nationalized. Nationalization refers to the process of bringing privately owned assets or industries under public ownership and control, often with the aim of improving efficiency, promoting social welfare or addressing other economic or political concerns. In the case of industries that are nationalized, the government assumes ownership and control of the assets and resources used in production, and may also take responsibility for setting production goals, allocating resources, and regulating the industry.