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Simple English definitions for legal terms
privatization
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A quick definition of privatization:
Term: PRIVATIZATION
Definition: Privatization is when a business or industry that was owned or controlled by the government is sold to private companies. This means that the government no longer has control over it and it is run by private individuals or organizations. The word "privatize" is used to describe the process of making something private.
A more thorough explanation:
Privatization (prI-və-tə-zay-shən) is the process of transferring ownership or control of a business or industry from the government to private companies or individuals.
- The government sold its shares in the telecommunications company, resulting in the privatization of the industry.
- The privatization of healthcare in some countries has led to increased competition and improved services.
These examples illustrate how privatization involves the transfer of ownership or control from the government to private entities. In the first example, the government sold its shares in a telecommunications company, which means that the company is no longer owned or controlled by the government. In the second example, the healthcare industry was privatized, which means that private companies or individuals now own and operate healthcare facilities instead of the government.