Governmental ownership refers to when the government has control and ownership over the means of production and distribution of goods in a society.
Related terms
Socialism: An economic system where the means of production are owned and controlled by society as a whole rather than private individuals.
Communism: A political ideology that advocates for a classless society where all property is publicly owned and each person works and is paid according to their abilities and needs.
Nationalization: The process of transferring private industries or assets into public ownership under government control.