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Nationalization, or nationalisation, is the process of transforming private assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or assets owned by lower levels of government, such as municipalities, being transferred to the state. The opposites of nationalization are privatization, municipalization and demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership by a later government, they are said to have undergone renationalization or renationalisation. Industries that are usually subject to nationalization include transport, communications, energy, banking and natural resources.