Privatization and and Nationalisation
Definition of Nationalisation
This is the acquisition of private companies by the public sector
Definition of Privatisation
The return of state enterprises to private ownership and control
Definiton of Deregulation
Privatization was often accompanied by deregulation.
Deregulation involves opening the market to competition. E.G. BT was a legal monopoly, but after privatization the market was opened up to competition and competitors could use BT’s network.
Deregulation took longer in Electricity and Gas and will be very difficult in Water. The Postal service has recently been deregulated.