The process of taking over the management and control of a privately owned business by government is

The process of taking over the management and control of a privately owned business by the government is called nationalization. This means that the government takes control of the company, usually by buying out its owners, and becomes responsible for running it. Nationalization is often done to ensure that important industries and services are owned and operated by the government, rather than by private individuals or companies. This can be done for a variety of reasons, such as to protect national security, ensure fair distribution of resources, or to provide essential services at affordable prices.