Explain each of the following: (a) Nationalization, (b) Commercialization, (c) Privatization and (d) Joint ventures.
Explanation
(a) Nationalization may be referred to as the taking over or transfer from private to state or government ownership of enterprises for economic, social and political reasons.
(b) Commercialization is a process of making state owned enterprises to become more efficient and make more profits. It makes it possible for state owned enterprises to explore all avenues of making profits.
(c) Privatization is a process of transferring ownership and control of industries, companies, corporations from public to private sector to ensure economic efficiency.
(d) Joint venture is a business where the provision of resources is shared between two or more firms In the International context, Joint ventures with local partners are often used by multinational. Joint ventures may also be between two firms either public or private from different countries.