In the UK the Labour Party is (or at least was) big on nationalisation of industry. It seem to me that this was one of their many downfalls in the midlands.
Is there any proven benefits to nationalisation of industry?
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There are generally successful examples but the conditions and nuances are important to understand. The “best” example might be Norway’s nationalization of their oil industry. The government takes the profit of the industry and invests it through a sovereign fund that benefits the entire society. This allows the government to internalize some of the external costs of that industry in a fair and responsible manner while at the same time ensuring the benefits of a “one time” extraction industry benefits all Norwegians.
Saudi ARAMCO might be another example (the trend here are extractive industries)
Many countries also nationalize their telecommunications and energy production and distribution industry, with varying degrees of “success”. Healthcare is also another common target of nationalization. It is hard to make claims one way or another since this almost always leads to a monopoly and lack of real alternatives to compare to within that particular context.
But nationalization inevitably increases the role of politics and decreases the role of purely economic motivation for the actions of the nationalized company. So this “shifted goalpost” is no longer as simple to analyze in terms of success or failure. For people with some ideological perspective, this might be a good result and for others, it is the major failing of nationalized industries.
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