In several western democracies, the poor performance of state-owned enterprises led to privatisation because of protection from competition and guaranteed government financial support.
The term "privatization" refers most frequently to transferring a good or service from the public to the private sector. A government-owned enterprise, activity, or piece of real estate is said to have been privatized when a private, non-governmental party acquires it. Privatization may also refer to a shift from publicly traded to privately held. There are various methods for privatizing individual government functions, but generally, the government transfers control of particular buildings or operational procedures to a private, profit-oriented enterprise.
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