Transfer of corporate ownership from the public to private sector
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Privatization is the process of transferring ownership of a business, enterprise, agency, charity or public service from the public sector (the state or government) or common use to the private sector (businesses that operate for a private profit) or to private non-profit organizations. In a broader sense, privatization refers to transfer of any government function to the private sector - including governmental functions like revenue collection and law enforcement.[1]
The term "privatization" has also been used to describe two unrelated transactions. The first is a buyout, by the majority owner, of all shares of a public corporation or holding company's stock, privatizing a publicly traded stock, and often described as private equity. The second is a demutualization of a mutual organization or cooperative to form a joint stock company.[2]
Privatization can be accomplished through various methods, including:
Private provision of various services and supplies such as laboratory work, meter reading, and supplying chemicals;
Private contracting for operation and maintenance of public assets like water utility. (both 1 and 2 are often referred to as “outsourcing”);
Negotiating a contract with a private firm for the design, construction, and operation of new facilities (this option is referred to as design, build, and operate, or DBO); and
Outright sale of public assets to a private company.
In the United States, the contracting of management and operations to a private provider (outsourcing) has been more common than the sale of utility assets to private companies. No major U.S. city has sold its utility assets in recent decades, although some smaller water utilities have done so.[3]
^"Corrupt Bureaucracy and Privatisation of Tax Enforcement", Chowdhury, F. L. 2006: Pathak Samabesh, Dhaka.
^"Musselburgh Co-op in crisis as privatisation bid fails". Co-operative News. 2005-11-01. Retrieved 2017-12-19.
^Howe, Charles W., Auer, Jean E., Beecher, Janice A. (2002). Privatization Of Water Services in the United States: An Assessment of Issues and Experience. National Academies Press. ISBN 978-0-309-07444-5.{{cite book}}: CS1 maint: multiple names: authors list (link)
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