What is privatization?

Answer 1

Privatization is the process of transferring public assets or services to the private sector. This can involve the sale of state-owned enterprises, public utilities, or other government-controlled institutions to private businesses or individuals. The goal of privatization is often to increase efficiency and competitiveness, reduce government spending, and improve service quality. However, privatization can also be controversial as it may lead to job losses, reduced access to services, or increased costs for consumers.