Privatization

Definition

Privatization is when a government-owned company or industry is transferred into private ownership. It involves selling off public assets or transferring their management from the public sector (government) to private individuals or companies.

Related terms

Nationalization: This term refers to bringing privately-owned assets or industries under state ownership or control.

Public Sector: This term encompasses organizations that are owned and operated by governments at various levels (local, state/provincial, national).

Market Economy: This term describes an economic system where most resources are owned by individuals or businesses rather than by the government, and where supply and demand determine prices.