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Nationalization - Essay Example

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The purpose of it is to reduce the exposure their country’s particular sector and further its growth through proper utilization of domestic consumption…
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Nationalization
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Download file to see previous pages Nationalization also occurs if there is a change in government and the political ideology of the government demands a dramatic change in the country’s economic policy. Many times nationalization has been used to promote industries in the country which cannot be made dependent on foreign companies as they cater directly to the people. For example, after Independence from British rule India nationalized its steel industries although it took help from Russia to build steel plant in Rourkela and Bhilai.
The most important reason of foreign intervention is the geopolitical and economic interests of powerful states. The interventions don’t necessarily have to be of military nature. Economic sanction is a weapon often used to punish the country for being too closed for foreign companies. Recently U.K. has imposed economic sanctions on Iran because of its nuclear programs. Other countries are to follow soon. Another case of geopolitical interests is Iraq where the allied forces invaded on the pretext of Weapons of Mass Destruction. But even after the Hans Blix’s report on absence of WMDs, the allied forces continued their operations. Many people argue that the main reason behind the invasion was oil.
In a similar manner corporate interests influence foreign policies of a country. China has been very interfering in the internal matters of its neighboring country Nepal because of the corporate interests. Nepalese market is flooded with Chinese goods. Corporate interests may not lead to military invasions but they certainly influence countries to adopt protectionist measures. Ideological interests in democracy are also as major factor which leads to interventions. Human welfare is also cited one of the major reasons but there is considerable debate about the authenticity of such claims. While U.S. intervention in Iraq was justified for removing ...Download file to see next pagesRead More
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