To expand on my previous post:
IMO, nationalization means foreigners (outsiders) don’t own or have a direct stake in using your country’s resources to their own interests.
Communism, IMO, means sharing what resources you got equally among your own fellow citizens (within a country).
How did Valerie get elected to the Board of the Federal Reserve Bank of Chicago? Depending on any laws for such ‘election’, I’d say as before, “wheeling & dealing”, “investment” & connections.
In the financial services sector, in some countries, in the 1990s and even 2000s, there was what is called “critical mass”. They called it mergers, but really they were takeovers; meant they wanted to “control” - akin to a monopoly and get all related benefits.
No, nationalization means government-owned business, no citizen is allowed ownership shares in the business.
Communist governments typically own the big money businesses in their countries.
What we’re seeing in China, for example, is little by little the government is allowing some shares of some of the state-owned companies to be sold to investors.
State-owned businesses in communist countries, however, even while they are 100% owned by the government, still will borrow money to finance large capital investments like new manufacturing plants. In order to conduct trade, such as buying and selling commodities, letters of credit are needed, financing is needed, etc. The firms they go to for such financing are the world’s top financial firms, which togther form lending syndicates so they can handle loans of virtually any size and they can spread risk. These bankers alone determine who they will lend to and who they will not. Governments, of course, can not force foreign citizens and firms to lend to them.
Communist governments themselves will also issue bonds and borrow from the same sources, to finance public infrastructure, military expenditures, etc.
This means that in order to get financing, communist nations have always had to deal with elite international banking firms according to the terms they set. And the top financial advisors to these governments - all are from within that same elite global banking community and they always have been. The top financial expert in every government is, of course, a key advisor to the top government officials, mostly because they are part of the international banking “fraternity” / “community”.
I found a great article which described relationships between Japan and elite banking in the period between WWI and WWII, even going back before WWI, to the Russo-Japanese War. Jacob Schiff, one of the key bankers involved, was given great honors by the Japanese government for his help in financing the war.
Another way international firms profit from communist governments is to buy products made in the state-owned factories at a low pridce and sell them in wealthier non-communist countries for a nice profit.
Also, the actual plant itself is frequently sold to the communist government, as they typically don’t have the technology and skills on a par with “capitalist” countries. Ford Motor Company sold off an entire plant (it was being replaced) to the USSR in the early 1930s. The plant operated for many decades, and was was initially all set up by Americans, of course. Trade continued with the USSR all during the Cold War - even including technology that was banned for sale to the USSR. See the Kama plant in Russia for another instance; Antony Sutton is a good source on this topic.