Emergency nationalization
As emergency nationalization is called the no ideological preference made and often only temporary nationalization of private large companies to further negative impact to stall a corporate collapse.
Emergency nationalizations took place to a greater extent during the global economic crisis - preferably in the financial sector to avoid a "run". Such measures often take place after unsuccessful attempts to avoid nationalization through (forced) mergers under political pressure or sectoral fallback solutions in the private sector. Examples of emergency nationalizations are offered by the Austrian Creditanstalt , threatened with collapse in 1931 , or, in Fascist Italy, the creation of the Istituto per la Ricostruzione Industriale(IRI), a state industrial holding company to relieve three large, immobilized banks. In Sweden there were temporary emergency nationalizations in the wake of the international real estate crisis in the early 1990s. In the financial crisis from 2007 onwards , there were also many emergency nationalizations, for example in 2009 at the General Motors Company and the American International Group in the insurance sector (majority takeover by the Federal Reserve System (FED)), at the British Royal Bank of Scotland but also in Sweden, for example and Iceland. The case of Hypo Real Estate caused a sensation in Germany. A current case in Austria is that of Hypo Group Alpe Adria .
Web links
literature
- Wilhelm Weber (Hg): Common economy in Western Europe. Great Britain, France, Italy, Federal Republic of Germany Göttingen Vandenhoeck & Ruprecht 1962 (discusses historical cases of emergency nationalization)