ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Privatization occurs when a government-owned business, operation, or property becomes owned by a private, non-government party. Privatization may also describe a transition that takes a company from being publicly traded to becoming privately held. This is referred to as corporate privatization.

Detailed explanation-2: -Privatization is the transfer of publicly owned or publicly operated means of production to private ownership or operation. The argument for this transfer is usually that privately run enterprises are subject to the discipline of the market and therefore they will be more efficient.

Detailed explanation-3: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-4: -Privatization of public services has occurred at all levels of government within the United States. Some examples of services that have been privatized include airport operation, data processing, vehicle maintenance, corrections, water and wastewater utilities, and waste collection and disposal.

Detailed explanation-5: -By the withdrawal of the government from the ownership and management of public sector companies. By the outright sale of public sector companies.