Privatization, also spelled
privatisation (in British English), may have several meanings. Primarily, it is the process of transferring
ownership of a
business, enterprise, agency, public service, or public property from the
public sector (a government) to the
private sector, either to a business that operates for a profit or to a
nonprofit organization. It may also mean the government
outsourcing of services or functions to private firms, e.g. revenue collection, law enforcement, and prison management.