nationalization

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A decree of the French Revolution, assigning a convent to the army

Nationalization, also spelled nationalisation, is the act of taking an industry or assets into the public ownership of a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being state operated or owned by the state. The opposite of nationalization is usually privatization or de-nationalisation, but may also be municipalization. A renationalization occurs when state-owned assets are privatized and later nationalized again, often when a different political party or faction is in power. A renationalization process may also be called reverse privatization.

The motives for nationalization are political as well as economic. It is a central theme of certain brands of 'state socialist' policy that the means of production, distribution and exchange, should be owned by the state on behalf of the people to allow for rational allocation and operation, and rational planning or control of the economy. Many socialists believe that public ownership enables people to exercise full democratic control over the means whereby they earn their living and provides an effective means of redistributing wealth and income more equitably.

Nationalized industries, charged with operating in the public interest, may be under strong political and social pressures to give much more attention to externalities. They may be obliged to operate some loss making activities where social benefits are clearly greater than social costs - for example, rural, postal and transport services. As an instance, the United States Postal Service is guaranteed its nationalised status by the Constitution. The government has recognized these social obligations and, in some cases, provides subsidies for such non-commercial operations.

Since the nationalised industries are state owned, the government is responsible for meeting any debts incurred by these industries. The nationalized industries do not normally borrow from the domestic market other than for short-term borrowing. However, if profitable, the profit is often used as a means to finance other state services such as social programs and government research which can help lower the tax burden.

Nationalization may occur with or without compensation to the former owners. If it takes place without compensation it is a case of expropriation. Nationalization is distinguished from property redistribution in that the government retains control of nationalized property. Some nationalizations take place when a government seizes property acquired illegally. For example, the French government seized the car-makers Renault because its owners had collaborated with the Nazi occupiers of France.

Compensation

A key issue in nationalization is payment of compensation to the former owner. The most controversial nationalizations, known as expropriations, are those where no compensation, or an amount far below the likely market value of the nationalized assets, is paid. Many nationalizations through expropriation have come after revolutions.

The traditional Western stance on compensation was expressed by United States Secretary of State Cordell Hull, during the 1938 Mexican nationalization of the petroleum industry, that compensation should be "prompt, effective and adequate." According to this view, the nationalizing state is obligated under international law to pay the deprived party the full value of the property taken. The opposing position has been taken mainly by developing countries, claiming that the question of compensation should be left entirely up to the sovereign state, in line with the Calvo Doctrine. Communist states have held that no compensation is due, based on socialist notions of private properties.

In 1962, the United Nations General Assembly adopted Resolution 1803, "Permanent Sovereignty over National Resources", which states that in the event of nationalization, the owner "shall be paid appropriate compensation in accordance with international law." In doing so, the UN rejected both the traditional Calvo-doctrinist view and the Communist view. The term "appropriate compensation" represents a compromise between the traditional views, taking into account the need of developing countries to pursue reform even without the ability to pay full compensation, and the Western concern for protection of private property.

When nationalizing a large business, the cost of compensation is so great that many legal nationalizations have happened when firms of national importance run close to bankruptcy and can be acquired by the government for little or no money. A classic example is the UK nationalization of the British Leyland Motor Corporation. At other times, governments have considered it important to gain control of institutions of strategic economic importance, such as banks or railways, or of important industries struggling economically. The case of Rolls-Royce plc, nationalized in 1971, is an interesting blend of these two arguments. This policy was sometimes known as ensuring government control of the "commanding heights" of the economy, to enable it to manage the economy better in terms of long-term development and medium-term stability. The extent of this policy declined in the 1980s and 1990s as governments increasingly privatized industries that had been nationalized, replacing their strategic economic influence with use of the tax system and of interest rates.

Nonetheless, national and local governments have seen the advantage of keeping key strategic assets in institutions that are not strongly profit-driven and can raise funds outside the public-sector constraints, but still retain some public accountability. Examples from the last five years in the United Kingdom include the vesting of the British railway infrastructure firm Railtrack in the not-for-profit company Network Rail, and the divestment of much council housing stock to "arms-length management companies", often with mutual status.

Notable nationalizations by country

Argentina

• 1918 University Revolution and university nationalization

Australia

• 1947 Nationalization of Qantas, the leading airline of Australia.
• 1948 The Australian government attempted to nationalize the banks, but the act was declared unconstitutional by the High Court of Australia in the case Bank of New South Wales v Commonwealth.^[1]

Bolivia

• 2006 On May 1, 2006, newly elected Bolivian leader Evo Morales announces plans to nationalize the country's natural gas industry; foreign-based companies are given six months to renegotiate their existing contracts.

Canada

• 1918 Canadian National Railways, created from several systems nationwide following their bankruptcy during and after World War I, and since privatized. (Air Canada, Canadian Broadcasting Corporation, Marine Atlantic and VIA Rail were all subsidiaries of the company at one time)
• 1944 Hydro-Québec, first created through partial nationalization of electricity concerns around Montreal in Quebec by the Liberal government of Adélard Godbout. During the Quiet Revolution of the early 1960s, the remaining 11 privately owned electricity companies in Quebec were nationalized by the Liberal government of Jean Lesage.
• 1975 Potash Corporation of Saskatchewan, Province of Saskatchewan nationalized part of the potash industry. Many potash producers agreed to sell to the government instead of being nationalized.

Channel Islands

• 2003 Aurigny Airlines was bought by the States of Guernsey.

Chile

• 1972 Chilean nationalization of copper mining industry by the government of Salvador Allende.

Cuba

The Castro government gradually expropriated all foreign-owned private companies after the Cuban Revolution of 1959. Most of these companies were owned by U.S. corporations and individuals. Bonds at 4.5% interest over twenty years were offered to U.S. companies, but the offer was rejected by U.S. ambassador Philip Bonsal, who requested the compensation up front.^[2] Only a minor amount, $1.3 million, was paid to U.S. interests before deteriorating relations ended all cooperation between the two governments.^[2] The United States established a registry of claims against the Cuban government, ultimately developing files on 5,911 specific companies. The Cuban government has refused to discuss the effective and adequate compensation of U.S. claims. The United States government continues to insist on compensation for U.S. companies. In 1966-68, the Castro government nationalized all remaining privately owned business entities in Cuba, down to the level of street vendors.

Czechoslovakia

• 1948-1990 All manufacturing enterprises.

Egypt

• 1956 On July 26, 1956 Egyptian President Gamal Abdel Nasser nationalized the Suez Canal Company, provoking the United Kingdom, France and Israel to launch a combined attack on Egypt that was stopped by the U.S. and the Soviet Union.

France

Nationalization in France dates back to the 'regies' or state monopolies first organized under the Ancien Régime, for example, the monopoly on tobacco sales. Communications companies France Telecom and La Poste are relics of the state postal and telecommunications monopolies.

There was a major expansion of the nationalised sector following World War II.^[3] A second wave followed in 1982.

• 1938 Societe Nationale des Chemins de Fer Francais (SNCF) (originally a 51% State holding, increased to 100% in 1982)^[3]
• 1945 Several nationalizations in France, including most important banks and Renault.^[3] The firm was seized for Louis Renault's alleged collaboration with Nazi Germany, although this condemnation was without judgement and after his death, making this case remarkable and rare. A later judgement (1949) admitted that Renault's plant never collaborated. Renault was successful but unprofitable whilst nationalised and remains successful today, after having been privatized in 1996.
• 1946 Charbonnages de France, Electricite de France (EdF), Gaz de France (GdF)
• 1982 A large part of the banking sector and industries of strategic importance to the state were nationalized under the new president François Mitterrand and the PS-led government. Many of those companies were privatized again after 1986.

The Paris regional transport operator, Regie Autonome des Transports Parisiens (RATP), can also be counted as a nationalised industry.

Germany

The German railways were nationalised after World War I. Partial privatisation of Deutsche Bahn is currently underway, as of 2008.

Most enterprises in East Germany were nationalised following World War II. After reunification, an agency, Treuhand, was established to return them to private ownership. However, due to structural and economic problems inherent in the previous regime, many of these had to be liquidated.

• 2008 Renationalization of the "Bundesdruckerei" (Federal Print Office), which had been privatized in 2001.

Greece

• 1974 Nationalization of Olympic Airlines, main airline of Greece. The company was bought out by its founder, Aristotle Onassis.

Iceland

• 2008 Renationalization of Iceland's largest commercial banks: Kaupþing, Landsbanki, Glitnir and Icebank.
• 2009 Nationalization of Straumur Investment Bank and the savings bank SPRON.

India

The nationalised banks were credited by some, including Home minister P. Chidambaram, to have helped the Indian economy withstand the global financial crisis of 2007-2009.^[4][5]

• 1949 (1 January) Reserve Bank of India nationalised (Ref.- Reserve Bank of India chronology of events). The Reserve Bank of India was state-owned at the time of Indian independence.
• 1953 Air India under the Air Corporations Act 1953.
• 1955 Imperial Bank of India and its subsidiaries (State Bank of India and its subsidiaries)
• 1969 Nationalization of 14 Indian banks.
• 1973 Coal industry and Oil companies
• 1980 Another six banks nationalized

Iran

• 1953 Iranian Prime Minister Mohammed Mossadegh nationalized the Anglo-Persian Oil Company in Iran.
• Since the 1979 Iranian Revolution, 80% companies based in Iran have been nationalized, and so far only 15% of the 80% of all companies have been privatized, the rest are still nationalized.

Ireland

Railways in the Republic of Ireland were nationalised in the 1940s as Coras Iompair Eireann.

• 2007 On August 3, 2007, the Irish government were offered a stake in Eircom's copper network infrastructure^[6]. Ireland's telephone networks were privatised in 1999.
• 2009 On January 15, 2009, the Irish Government announced plans to nationalise Anglo Irish Bank in order to secure the bank's viability.

Israel

• 1983 Nationalization of the major Israeli banks: Bank Hapoalim, Bank Leumi, Discount Bank, Mezrachi bank due to the Bank stock crisis that struck Israel in 1983.

Italy

• 1905 The Italian railways were nationalised as Ferrovie dello Stato.

The regime of Benito Mussolini extended nationalisation, creating the Istituto per la Ricostruzione Industriale (IRI) as a State holding company for struggling firms, including the car maker Alfa Romeo. A parallel body, Ente Nazionale Idrocarburi (Eni) was set up to manage State oil and gas interests.

Japan

• 1906 Railway Nationalization Act of Japan nationalized 17 railway companies to form the nationwide railway network that was later called Japanese National Railways.

Malta

• 1974 Bank of Valletta is founded following nationalisation of the Central Bank of Malta

Mexico

• 1938 The Expropriation of the Petroleum Industry of Mexico: President Lázaro Cárdenas issued a decree that the petroleum companies were in rebellion against the government of Mexico and under the powers granted him under the Expropriation Act passed by the Congress of Mexico in late 1936 expropriated them. March 19, 1938 union personnel took conrol of the properties.^[7]
• 1982 The nationalization of the Mexican banking system made by President José López Portillo, later in the Carlos Salinas de Gortari presidency (1988-1994) a large number of banks were privatized.

The Netherlands

• 2008 The Dutch State nationalizes the Dutch activities of Belgian-Dutch banking and insurance company Fortis, which had come in solvability problems due to the international financial crisis.

New Zealand

• 2001 Central government purchased the Auckland railway network from TranzRail.
• 2003 The Labour Government of New Zealand took an 80% stake in near-bankrupt national air carrier Air New Zealand in exchange for a large financial infusion.
• 2004 The rest of the country's rail network is purchased from Toll New Zealand, formerly known as TranzRail. A new state owned enterprise, ONTRACK, was established to maintain the rail infrastructure.
• 2008 The rolling stock of Toll New Zealand was purchased by central government, bringing the rail system under total state ownership and renamed as KiwiRail.

Pakistan

• 1972 On January 2, 1972, Zulfiqar Ali Bhutto, after the fall of East Pakistan, announced the nationalisation of all major industries, including iron and steel, heavy engineering, heavy electricals, petrochemicals, cement and public utilities.^[8]

Philippines

During the administration of Ferdinand Marcos, important companies such as PLDT, Philippine Airlines, Meralco and the Manila Hotel were nationalized. Other companies were sometimes absorbed into these government-owned corporations, as well as other companies, such as Napocor and the Philippine National Railways, which in their own right are monopolies (exceptions are Meralco and the Manila Hotel). Today, these companies have been reprivatized and some, such as PLDT and Philippine Airlines, have been de-monopolized. Others, like government-formed and owned Napocor, are in the process of privatization.

Poland

• 1946 Following World War II the People's Republic of Poland nationalized all enterprises with over 50 employees.

Portugal

After the Carnation Revolution, the Junta de Salvação Nacional (temporary government) nationalized all the banking, insurance, petrol and industrial companies. Along with the telecommunications companies, which were state-owned even before the Revolution, all the nationalized companies were reprivatized.

2008: BPN - Banco Português de Negócios bank nationalised to prevent its collapse.

Romania

• 1948 With the Decree 119 June 1948 the new Romanian communist regime nationalised all the existing private companies and their assets in Romania leading to the transformation of the Romanian economy from a market economy to a planned economy.

Russia

This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2008)

• 1998 The Yeltsin government began seizing Gazprom assets, claiming that the company owed back taxes. Privatization of Gazprom from the mid 1990's had been reduced to 38.37% with the intention of achieving full privatization. However, the stake of the Russian Government in Gazprom has since been increased to 50% with Vladimir Putin's plan to increase the stake to a controlling position. Gazprom is also buying up both Russian and other international Utility companies.

South Korea

• 1946 USAMGIK nationalized all South Korean private railroad companies and made Department of Transportation. This now becomes Korail.

Soviet Union

• 1918 All manufacturing enterprises and many retailing enterprises.

Spain

• 1941 Spain's railways were nationalised, as RENFE, in the aftermath of the Spanish Civil War.
• 1983 Nationalization without compensation of the Spanish Rumasa. Separate business were later privatized.

Sri Lanka

• 1958 The Government nationalised Bus transport (creating the Ceylon Transport Board). The Colombo Port was also nationalised the same year.
• 1961 The local subsidiaries of the foreign owned petroleum companies, Caltex, Esso and Shell had formed a cartel, in order to break which they were nationalised. The Insurance companies and the Bank of Ceylon were also nationalised in the same year.
• 1971 Graphite mines nationalised.
• 1972 Locally owned Tea and Rubber plantations were nationalised under the Land Reform law.
• 1975 Sterling plantation companies (owned by British plantation companies) were nationalised.
• 2009 Seylan Bank nationalised to prevent its collapse.

Sweden

• 1939-1948 Nationalisation of most of the private Railway companies.
• 1957 The mining company LKAB is nationalized. The state had owned 50% of the corporation's shares, with options to buy the remainder, since 1907.^[9]
• 1992 A large part of Sweden's banking sector is nationalized.^[10]

United Kingdom

The following companies/industries were the subject of nationalisation in the given year:

• 1868 Nationalisation of inland telegraphs under the GPO^[11]
• 1875 Suez Canal Company - The Egyptian share in the company was bought out by the British Government.
• 1912 Nationalisation of inland telephone services under the GPO, apart from Portsmouth, Hull, Guernsey, and Jersey. The Portsmouth telephone service was nationalised the following year.
• 1916 Liquor Trade - The nationalisation of pubs and breweries in Carlisle, Gretna, Cromarty and Enfield under the State Management Scheme; mainly an attempt to restricting alcohol consumption by armaments factory workers. The scheme was privatised by asset transfer in 1973.^[12]
• 1926 Central Electricity Board introduced under The Electricity (Supply) Act 1926 established the National Grid and set up a national standard for electricity supply in the UK.
• 1927 British Broadcasting Company (a privately owned company) became British Broadcasting Corporation (BBC), a public corporation operating under a Royal Charter.
• 1933 London Transport
• 1938 Nationalisation of UK Coal Royalties under the Coal Commission^[13]
• 1939 British Overseas Airways Corporation (BOAC) later to become British Airways (BA) - combining the private British Airways Ltd. and the state owned Imperial Airways
• 1939 At the outset of World War II, much of British industry was subjected to State regulation or control, although not nationalised as such.
• 1943 North of Scotland Hydro-Electricity Board
• 1946 Coal industry under the National Coal Board (later British Coal); Bank of England - the latter had had private shareholders who were bought out by the state.
• 1947 Central Electricity Generating Board and area electricity boards, Cable & Wireless Ltd - the latter had had private shareholders who were bought out by the state.
• 1948 National rail, water transport, some road haulage, road passenger transport and Thomas Cook & Son under the British Transport Commission. Separate elements operated as British Railways, British Road Services, and British Waterways, also national health services created (for England and Wales, for Scotland and for Northern Ireland) taking over a mixture of previously Local Authority, private commercial and charitable organisations.
• 1949 Local authority gas supply undertakings in England, Scotland and Wales
• 1951 Iron and Steel Industry (denationalised by the following Conservative Government)^[14]
• 1967 British Steel
• 1969 National Bus Company, combining former interests of the British Transport Commission with others acquired from the British Electric Traction group.
• 1969 Post Office Corporation created
• 1971 Rolls-Royce (1971) Ltd - The strategically-important aero-engine part of the recently-bankrupt Rolls Royce Limited.
• 1973 Local authority water supply undertakings in England and Wales
• 1973 British Gas Corporation created, replacing regional gas boards.
• 1974 British Petroleum - the combination of a 50% stake bought by Winston Churchill as First Lord of the Admiralty after World War I with around a 25% stake acquired by the Bank of England from Burmah Oil made the UK Government directly or indirectly BP's majority shareholder, though commercial independence was maintained. The shares were all sold during the 1980s.
• 1975 National Enterprise Board - a State holding company for full or partial ownership of industrial undertakings
• 1976 British Leyland Motor Corporation - became British Leyland upon nationalization. Privatized in 1986 to British Aerospace.
• 1977 British Aerospace - combining the major aircraft companies British Aircraft Corporation, Hawker Siddeley and others. British Shipbuilders - combining the major shipbuilding companies including Cammell Laird, Govan Shipbuilders, Swan Hunter, Yarrow Shipbuilders
• 1981 British Telecom created, taking control of telecommunications services from the Post Office
• 1984 Johnson Matthey - purchased for a nominal sum of £1 by the Thatcher government ^[15]
• 1997 Docklands Light Railway - John Prescott announced to the 1997 Labour Party Conference that he had nationalised this.^[15]
• 2001 Railtrack - although not nationalised as such, the takeover by Network Rail of the railway infrastructure in 2002 following the liquidation of Railtrack, whilst not a state owned company, has no shareholders (company limited by guarantee) and is underwritten by the State. In addition prior to this the government began to make use of a residual shareholding of 0.2% (including voting rights) in Railtrack Group Plc leftover from the original sale.^[16]
• 2008 Northern Rock - announced by Alistair Darling, Chancellor of the Exchequer on 17 February 2008 as 'a temporary measure'. The bank will be run at 'arms length' as a commercial business and sold to a private buyer in the future.^[17]
• 2008 Bradford & Bingley (mortgage book only) - announced by Alistair Darling, Chancellor of the Exchequer on 29 September 2008. The loans part of the company was nationalised, while the commercial bank was sold off.^[18]
• 2008 In October, the Royal Bank of Scotland, and the newly merged HBOS-Lloyds TSB was partly nationalised. The Government took over approximately 60% of RBS and 40% of HBOS-Lloyds TSB. This is part of the £500bn bank rescue package.

British assets nationalised by other countries

• 1940s Argentine railways
• 1953 British Petroleum's Iranian assets by their government (actually a nationalisation of part of a part-nationalised company)
• 1956 The Egyptian Government nationalised the Suez Canal, owned by the Suez Canal Company which was part owned by the British State.
• 1962 The Sri Lanka Government nationalised the assets in the country of the partly British-owned Royal Dutch Shell company.
• 1975 The Sri Lanka Government nationalised the assets in the country of the British-owned plantation companies.

United States

• 1917: All U.S. railroads were nationalized as the Railroad Administration during World War I as a wartime measure, but were returned to their private owners almost immediately after the war.
• 1939: Organization of the Tennessee Valley Authority entailed the nationalization of the facilities of the former Tennessee Electric Power Company.
• 1971: The National Railroad Passenger Corporation (Amtrak) is a government-owned corporation created in 1971 for the express purpose of relieving American railroads of their legal obligation to provide inter-city passenger rail service. The (primarily) freight railroads had petitioned to abandon passenger service repeatedly in the decades leading up to Amtrak's formation.
• 1976: The Consolidated Rail Corporation (Conrail), another government corporation, was created to take over the operations of six bankrupt rail lines operating primarily in the Northeast; Conrail was privatized in 1987. Initial plans for Conrail would have made it a truly nationalized system like that during World War I, but an alternate proposal by the Association of American Railroads won out.
• 1980s: Resolution Trust Corporation seized control of hundreds of failed S&L.
• 2001: In response to the September 11 attacks, the then-private airport security industry was nationalized and put under the authority of the Transportation Security Administration.
• 2008: Some economists consider the U.S. government's takeover of the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association to have been nationalization.^[19][20] The conservatorship model used with Fannie Mae and Freddie Mac is looser and more temporary than nationalization.^[21]
• 2009: Some economists consider the U.S. government's actions with regards to Citigroup to have been a partial nationalization.^[22] Proposal made that banks like Citigroup be brought under a conservatorship model similar to Fannie Mae and Freddie Mac, that some of their "good assets" be dropped into newly created "good bank" subsidiaries (presumably under new management), and the remaining "bad assets" be left to be managed under the supervision of a conservatorship structure.^[21] The U.S. government's actions with regard to General Motors in replacing the CEO with a government approved CEO is likewise being considered as nationalization. ^[23][24] On June 1, 2009, General Motors filed for bankruptcy, with the United States investing up to $50 billion and taking 60% ownership in the company. President Obama stated that the nationalization was temporary, saying, "We are acting as reluctant shareholders because that is the only way to help GM succeed"^[25]

Venezuela

• 2007 On May 1, 2007, Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects, a controversial component in President Hugo Chavez's nationalization drive.
• 2008 On April 3, 2008, President Hugo Chavez ordered the nationalization of the cement industry.^[26]
• 2008 On April 9, 2008, Hugo Chavez ordered the nationalization of Venezuelan steel mill Sidor, in which Luxembourg-based Ternium currently holds a 60% stake. Sidor employees and the Government hold a 20% stake respectively.^[27]
• 2008 On August 19, 2008, Hugo Chavez ordered the take-over of a cement plant owned and operated by Cemex, an international cement producer. While shares of Cemex fell on the New York Stock Exchange, the cement plant comprises only about 5% of the company's business, and is not expected to adversely affect the company's ability to produce in other markets. Chavez has been looking to nationalize the concrete and steel industries of his country to meet home building and infrastructure goals.^[28]
• 2009 On February 28, 2009, Hugo Chavez ordered the army to take over all rice processing and packaging plants. ^[29]

Zimbabwe

• Zimbabwe has nationalized its food distribution infrastructure.

Other countries

• Nationalization of the oil industry in numerous countries, including Libya, Kuwait, Mexico, Nigeria, Saudi Arabia, and Venezuela.

See also

Look up nationalization in Wiktionary, the free dictionary.

• Compulsory purchase
• Eminent domain
• Expropriation
• Planned economy
• Privatization - the reverse process
• Public ownership
• Railway nationalization
• Reprivatization

References

Bibliography

On banks nationalization

• Dougherty, Carter, Stopping a Financial Crisis, the Swedish Way, The New York Times," September 23, 2008.

• Hilferding, Rudolf (1981) Finance Capital: A Study of the Latest Phase of Capitalist Development (London: Routledge & Kegan Paul), p. 234. ISBN 0710006187, 9780710006189

• La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, Government Ownership of Banks, The Journal of Finance, vol. 57, No. 1 (Feb. 2002), 265-301.

• La Botz, Dan (2008) The Financial Crisis: Will the U.S. Nationalize the Banks? Monthly Review 28 September 2008

• Lohr, Steve, From Japan's Slump in 1990s, Lessons for U.S., The New York Times, February 9, 2008.

• Maxfield, Sylvia, The International Political Economy of Bank Nationalization: Mexico in Comparative Perspective, Latin American Research Review, Vol. 27, No. 1 (1992), pp. 75–103.

• Myers, Margaret G., The Nationalization of Banks in France, Political Science Quarterly, Vol. 64, No. 2 (June, 1949), pp. 189–210.

External links

• The importance of public banking - article on Indian public sector banks
• Time for Permanent Nationalization by economist Fred Moseley in Dollars & Sense magazine, January/February 2009
• The Corporate Governance of Banks - a concise discussion of concepts and evidence