The taking over of privately owned businesses by the government is called

Assessment: WAEC SSCE - Commerce - 2009 (Objective) Subject: Commerce

Question 1 Report

The taking over of privately owned businesses by the government is called
Answer Details
Nationalization is the taking over of privately owned businesses by the government. This means that the government takes control of the ownership, management and operations of the business, and it becomes state-owned. This is often done in industries that are considered to be of national importance, such as utilities or strategic resources, where the government wants to ensure that they are run in the public interest. The government can also nationalize businesses to prevent monopolies or to address social or economic inequalities.
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