Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
Nationalization is the process through which a government takes control of privately owned assets, industries, or services. It involves transferring ownership from private individuals or companies to the state/government.
A command economy is an economic system where all major decisions regarding production, distribution, and pricing are made by central authorities (usually the government). Private ownership is limited.
Expropriation: Expropriation occurs when a government seizes privately owned property for public use without consent but with compensation. This can happen during times of national emergency or for public infrastructure projects.
Socialism is an economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole. It aims to reduce inequality and promote social welfare.