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Nationalisation and privatisation respectively describe the process by which assets and/or enterprises are transferred into public and private ownership. Nationalisation is also used to refer to the transfer of assets and/or enterprises from the hands of municipal and local governments into the ownership of central government.?[1][1] R. Millward, Private and Public Enterprise in Europe:... Privatisation means the sale to the public of at least 50% of those state-owned industry shares. Commonly associated, although clearly different, from these ownership issues are the terms deregulation and liberalisation. By deregulation is meant a loosening of the regulations affecting the industry, and at times an implicit hope that this will encourage new entrants. Liberalisation is a more definite statement of intent to open up the market to greater competition. While historians tend to focus on the transfer of ownership effected by nationalisation and privatisation, for economists and business historians there has been at least as great an interest in efforts made to reintroduce competition into these monopolistic nationalised industries