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This is a list of industries, services, products, or companies that have been nationalized at various times, grouped by country.
Most utilities were nationally owned before being privatized in 1994.
In the period of Republican China, Sun Yat-sen had sweeping land reforms and nationalized many industries. [15] The rise of the People's Republic of China under Mao Zedong nationalized all private assets, restricted private ownership, even of land, and the state determined output and price levels. Some of these were reversed after Deng Xiaoping loosed restrictions in 1978, allowing private and foreign investment to enter the country. [16]
After the end of martial law period and democratization in Taiwan, the Republic of China began to privatize many government-owned assets, even those owned by the Kuomintang. [17]
On the break-up of Yugoslavia, The HDZ government nationalized private agricultural property and rezoned it under the guise of forest statesmanship, when their publicly professed agenda was to only complete the nationalization of the communists. Much of this land is in the process of being reinstated and the model rethought.
After the Cuban Revolution of 1959 the Castro government gradually expropriated all foreign-owned private companies, most of which were owned by American corporations and individuals. The immediate trigger was the refusal by American-owned oil refineries to refine the crude oil received from the Soviet Union. Faced with the prospect of no oil, Cuba nationalized the three American refineries. This action escalated the US embargo on Cuba, which responded by nationalizing all American owned property. Eventually all Cuban private property was nationalized. [18]
Beginning in 1966, the Castro government nationalized all remaining privately owned businesses in Cuba, down to the level of street vendors. The process accelerated on March 14, 1968, with a new "revolutionary offensive." [19]
Castro had offered bonds at 4.5% interest over twenty years to U.S. companies, but U.S. ambassador Philip Bonsal requested the compensation up front and rejected the offer. [20] A minor amount of $1.3 million, was paid to U.S. interests before deteriorating relations ended all cooperation between the two governments. [20] The U.S. established a registry of claims against the Cuban government, ultimately developing files on 5,911 specific companies. The Cuban government has refused to discuss the compensation of U.S. claims and the U.S. government continues to insist on compensation for U.S. companies. [21]
Nationalisation dates back to the 'regies' or state monopolies organized under the Ancien Régime , for example, the monopoly on tobacco sales. Communications companies France Telecom and La Poste are relics of the state postal and telecommunications monopolies.
There was a major expansion of the nationalised sector following World War II. [23] A second wave followed in 1982.
The Paris regional transport operator, RATP Group, can also be counted as a nationalised industry.
The railways were nationalised after World War I. Partial privatisation of Deutsche Bahn was planned in 2008 but stopped due to the World Economic Crisis. As of 2020 there are no plans for privatisation.
Large sections of the mining, banking, and shipping industries either became dependent on government money or were placed entirely under care of the Weimar Republic in the wake of the Great Depression; these were later reprivatized between 1934 and 1937 by the Nazi regime. [24]
In Nazi Germany, private businessmen had the ability to influence government policy, and most of them remained committed to the principle of Gewerbefreiheit – business freedom – seeking to prevent any nationalization of industry. [25] Nevertheless, as the Nazi government confiscated the assets of conquered nations during World War II, over 500 state enterprises were expanded to absorb those assets, one of the largest being the Hermann Göring Works (iron), mostly operated by the Nazi Party apparatus. [25]
In East Germany, most enterprises were nationalised in the years following World War II. After German reunification, an agency called Treuhand was established to return them to private ownership, however many were liquidated.
Railways were nationalised in the 1940s as Córas Iompair Éireann.
The regime of Benito Mussolini extended nationalisation, creating the Istituto per la Ricostruzione Industriale (IRI) as a State holding company for struggling firms, including the car maker Alfa Romeo. A parallel body, Ente Nazionale Idrocarburi (Eni) was set up to manage State oil and gas interests. Fascist Italy had nationalized over three-quarters of its economy by 1939, more so than any nation other than the Soviet Union. Mussolini had earlier boasted in 1934 that “Three-fourths of Italian economy, industrial and agricultural, is in the hands of the state." By 1939 the Italian state had taken over four-fifths of Italy's shipping and shipbuilding, three-fourths of pig iron production, and nearly half of the steel industry.
Many lands, enterprises and industries were also nationalized by the Soviet Civil Administration and the Worker's Party-dominated provisional government in northern Korea after World War II, which later became the Democratic People's Republic of Korea in 1948.
In 2011 Snoras bank was nationalized.
In 2008 Parex Bank was nationalized.
During the term of Philippine President Ferdinand Marcos, important companies such as Philippine Long Distance Telephone Company (PLDT), Philippine Airlines, Meralco and the Manila Hotel were nationalized. Other companies were sometimes absorbed into these government-owned corporations, as well as other companies, such as National Power Corporation (Napocor) and the Philippine National Railways, which in their own right are monopolies (exceptions are Meralco and the Manila Hotel). Today, these companies have been reprivatized and some, such as PLDT and Philippine Airlines, have been de-monopolized. Others, like government-owned and controlled corporation Napocor, are in the process of privatization.
Nationalization was a key feature of the first post World War II Labour government, from 1945 to 1951 under Clement Attlee. The coal and steel industries were just two of many industries or services to be nationalised, while the formation of the National Health Service in 1948 entitled everyone to universal health care. The subsequent Conservative governments led by Winston Churchill, Anthony Eden, Harold Macmillan, Alec Douglas-Home and Edward Heath allowed practically all of the nationalized industries and services to remain in public ownership, as part of the Post-War Consensus. However, the election victory of Margaret Thatcher's Conservatives in 1979 saw the vast majority of nationalized industries, services and utilities privatized within a decade, although the National Health Service was allowed to continue. The Labour Party initially opposed Thatcher's privatization, but the party's commitment to nationalisation had been abandoned by the time it swept back into power in 1997 under Tony Blair. [109] However, in February 2008, Blair's successor Gordon Brown nationalized the failing Northern Rock bank during the Great Recession. [110] The much larger Royal Bank of Scotland and Halifax Bank of Scotland were partially nationalized for the same reason in October of that year. After nearly four years in public ownership, Northern Rock was sold to Virgin Money and Royal Bank of Scotland agreed a branch sale to the Santander Group in November 2011. However, Royal Bank of Scotland and Lloyds remain in public ownership five years later and in November 2012 the Public Accounts Committee warned that it could be many years before the banks are sold and the £66 billion so far invested in these banks may never be recovered. [111]
British Steel was a major British steel producer. It originated from the nationalised British Steel Corporation (BSC), formed in 1967, which was privatised as a public limited company, British Steel plc, in 1988. It was once a constituent of the FTSE 100 Index. The company merged with Koninklijke Hoogovens to form Corus Group in 1999.
Privatization can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatised ; in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, water supply, and prison management.
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have a distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit. They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives.
State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed to an individual or private party. Public ownership specifically refers to industries selling goods and services to consumers and differs from public goods and government services financed out of a government's general budget. Public ownership can take place at the national, regional, local, or municipal levels of government; or can refer to non-governmental public ownership vested in autonomous public enterprises. Public ownership is one of the three major forms of property ownership, differentiated from private, collective/cooperative, and common ownership.
The privatisation of British Rail was the process by which ownership and operation of the railways of Great Britain passed from government control into private hands. Begun in 1994, the process was largely completed by 1997. The deregulation of the industry was in part motivated by the enactment of EU Directive 91/440 in 1991, which aimed to create a more efficient railway network by creating greater competition.
Nationalization is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization. Industries often subject to nationalization include telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water, and in many jurisdictions such entities have no history of private ownership.
Railway nationalisation is the act of taking rail transport assets into public ownership. Several countries have at different times nationalised part or all of their railway system.
A State-Sponsored Body is the name given in Ireland to a state-owned enterprise, that is to say, a commercial business which is beneficially owned, either completely or majority, by the Irish Government. Each state-sponsored body has a sponsor Minister who acts as shareholder, either independently, or in conjunction with the Minister for Finance, who may also be a shareholder. State-sponsored bodies are often popularly called semi-state companies, a misnomer, since they are all (mostly) fully owned by the state, in addition not all of them are actually companies.
Reprivatization refers to the process of restoring properties seized or otherwise nationalized from privately held owners by a government to privately held status. This may include returning seized property or compensating uncompensated former owners, or reprivatizing state held enterprises to new owners, especially banks, which were privately founded but came under state control due to economic crisis or other factors. The latter scenario is sometimes referred to as privatization, though scholars have specifically referred to the sale of nationalized Mexican and Korean banks to private shareholders as reprivatization. The terms reprivatization and privatization are sometimes used to describe similar processes. The term privatization is more often used to describe the transfer of property under long-term government control to private owners, while reprivatization implies the property being returned to privately held status came under government control on a circumstantial basis. Both terms have been used in connection with larger privatization schemes in the former Soviet Bloc, particularly the process of assigning new property rights.
Sri Lanka Insurance Corporation Limited, also known as Sri Lanka Insurance is the largest and strongest composite insurance provider in Sri Lanka. It is the first and only insurance company in Sri Lanka to be assigned a prime AAA− rating for Insurance Financial Strength from the US rating agency Fitch Ratings New York City. The company now manages assets worth over US$1102 Million.
Crown corporations are government organizations in Canada with a mixture of commercial and public-policy objectives. They are directly and wholly owned by the Crown.
United Kingdom enterprise law concerns the ownership and regulation of organisations producing goods and services in the UK, European and international economy. Private enterprises are usually incorporated under the Companies Act 2006, regulated by company law, competition law, and insolvency law, while almost one third of the workforce and half of the UK economy is in enterprises subject to special regulation. Enterprise law mediates the rights and duties of investors, workers, consumers and the public to ensure efficient production, and deliver services that UK and international law sees as universal human rights. Labour, company, competition and insolvency law create general rights for stakeholders, and set a basic framework for enterprise governance, but rules of governance, competition and insolvency are altered in specific enterprises to uphold the public interest, as well as civil and social rights. Universities and schools have traditionally been publicly established, and socially regulated, to ensure universal education. The National Health Service was set up in 1946 to provide everyone with free health care, regardless of class or income, paid for by progressive taxation. The UK government controls monetary policy and regulates private banking through the publicly owned Bank of England, to complement its fiscal policy. Taxation and spending composes nearly half of total economic activity, but this has diminished since 1979.
Ceylon Petroleum Corporation, commonly known as CEYPETCO (CPC), is a Sri Lankan oil and gas company. Established in 1962 and wholly owned by the Government of Sri Lanka, it is the largest oil company in Sri Lanka. It was formed in 1961 by nationalisation and expropriation of all private oil companies in Sri Lanka at the time of its formation. It is under the ownership of Ministry of Petroleum Resources Development headquartered in Colombo. It is the largest government owned company in the country, with an operational profit of Rs. 33.9 billion for the financial year 2020.
The nationalisation process in Pakistan was a policy measure programme in the economic history of Pakistan that negatively impacted the country's industrialization and undermined the trust of businessmen and investors. The process was first introduced, promulgated and implemented by Zulfikar Ali Bhutto and Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of the national economy. Since the 1950s, the country had undergone a speedy industrialisation. But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries.
The privatisation process in Pakistan, sometimes referred to as denationalisation programme or simply the privatisation in Pakistan) is a continuous policy measure program in the economic period of Pakistan. It was first conceived and implemented by the then-people-elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to enable the nationalised industries towards market economy, immediately after the economic collapse of the Soviet Union in 1989–90. The programme was envisaged and visioned to improve the GDP growth of the national economy of Pakistan, and reversal of the nationalisation programme in 1970s— an inverse of the privatisation programme.
A state-owned enterpriseof China is a legal entity that undertakes commercial activities on behalf of an owner government.
Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments.These type of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government. Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings (CPSUs), owned by the central government or other CPSUs; and State Public Sector Undertakings (SPSUs), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna.
The Iron and Steel Act 1949 was an act of the Parliament of the United Kingdom which nationalised, or bought into state control, elements of the iron and steel industry in Great Britain. It established an Iron and Steel Corporation which acquired certain iron and steel companies. In a departure from earlier nationalisations the Corporation only acquired the share capital of the companies, not the undertakings themselves. The individual companies continued to operate under management Boards appointed by the corporation. The Iron and Steel Act 1949 was one of a number of acts promulgated by the post-war Labour government to nationalise elements of the UK's industrial infrastructure; other acts include the Coal Industry Nationalisation Act 1946; the Electricity Act 1947; Transport Act 1947 ; and the Gas Act 1948.
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: CS1 maint: unfit URL (link)In a major blow to the economic liberals in government, the federal cabinet decided against the privatisation of eight of the largest state-owned companies, including Pakistan Steel Mills
In the mid-1980s, agricultural productivity was half that of the levels in Greece and Spain and a quarter of the EC average. The land tenure system was polarized between two extremes: small and fragmented family farms in the north and large collective farms in the south that proved incapable of modernizing. The decollectivization of agriculture, which began in modest form in the late 1970s and accelerated in the late 1980s, promised to increase the efficiency of human and land resources in the south during the 1990s.
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