Question

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✴️BrainlY ChallengeR✴️

Question.
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Give me short

Information on

$\bold{\pink{PRIVATIZATION}}$

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↪️ Wanted

1.Full helpful info.

2.Don't copy.

3.Don't Spam.

4.Give answer in own words.

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Answer 1

$\huge\bold\red{ANSWER:-}$

Privatization is a broad concept and its meaning goes slightly different in different countries. Privatization generally refers to inducing private sector participation in the management and ownership of Public Sector Enterprises.

In a narrow sense, privatization implies induction of private ownership in state owned enterprises. 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, which usually operates for a profit.

◆ Privatization in the global context : -

Privatization was a global trend in the late 1980s and early 1990s to reform the loss making and inefficient public sector enterprises. In countries with many state-owned enterprises, including developing countries, post-socialist countries, and countries of Western Europe, privatization is the transfer of enterprise ownership in whole or in part from the state to private hands. This is often referred as denationalization and “destatization.

◆ Why there is the need for privatization? : -

One of the main arguments for the privatization of publicly owned operations is the estimated increases in efficiency that can result from private ownership and business practices. The increased efficiency is thought to come from the greater importance that the private firms make on profit maximization.

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