privatization

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Policy or process of selling or transferring state-owned or public assets and services (notably nationalized industries) to private investors. Privatization of services involves the government giving contracts to private firms to supply services previously supplied by public authorities.

Supporters of privatization argue that the public benefits from theoretically greater efficiency from firms already in the competitive market, and the release of resources for more appropriate use by government. Those against privatization believe that it transfers a country's assets from all the people to a controlling minority, that public utilities such as gas and water become private monopolies, and that a profit-making state-owned company raises revenue for the government.

The distinctive pattern in the hoist is designed to look like woven cloth. Effective date: 7 June 1995. >>