To nationalize means to take something or someone and make it part of a country's ownership, control or regulation. This can refer to businesses, industries, natural resources or even financial institutions being taken over by the government and operated for public benefit. In some cases, this may also mean giving preference in hiring, contracting or lending to local companies or individuals over foreign ones as a way of promoting economic growth within the country. Nationalize can also refer to the process of transforming private assets into state-owned property, often done during times of political and economic instability when the government seeks greater control over key sectors of the economy.