What is the term for the process of transferring assets from private ownership to governmental control?

The correct term for the process of transferring assets from private ownership to governmental control is nationalization. This process typically involves the government taking control of industries, resources, or assets that were previously owned by private individuals or companies. Nationalization can occur for various reasons, such as to secure essential services for the public good, respond to economic crises, or redistribute wealth within a nation.

In contrast, privatization refers to the transfer of assets from government control to private ownership, while globalization pertains to the increasing interconnectedness of economies, cultures, and populations across the world. Decentralization involves the distribution of authority from a central government to regional or local governments, focusing on local decision-making rather than asset control. Thus, nationalization stands out as the correct answer because it specifically deals with the shift of ownership from private entities to the government.