Nationalisation is where an industry or service is under the control of the government Something that is nationalised is said to be publicly-owned.
The government, or state, runs a nationalised service on behalf of the general public. Any profits that are made come back to the country as opposed to shareholders.
Nationalisation aims to put the needs of the people before profit. The idea is that nationalisation benefits everyone, not just the few who own shares in those industries.
An example of nationalisation in the UK is the National Health Service (NHS), which was set up by a Labour government in 1945 to provide free healthcare for everyone in the country.
Critics of nationalisation argue that a lack of choice, and therefore a lack of competition, leads to complacency and a poor service being provided to the public.