Privatization is the process whereby a government entity sells off assets or services to a private company that is responsible for providing a service.
What is Privatization?
- The term "privatization" refers most frequently to the transfer of a good or service from the public to the private sector.
- When a tightly regulated private corporation or industry becomes less regulated, it is occasionally used as a synonym for deregulation.
- For instance, Prior to 2012, the state of Washington's government managed and controlled the sale of alcohol.
- The state-controlled the sale of alcohol and how it was sold, as well as how much money was made. However, the government privatized the selling of alcohol in 2012.
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