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privatization |
Also found in: Dictionary/thesaurus, Financial, Wikipedia, Hutchinson | 0.04 sec. |
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privatization: see nationalization Privatization, the reverse process, has become widespread, however, with socialism's loss of credibility. Great Britain sold off many of its public companies, such as British Telecom; France sold 65 state-owned companies in 1988; and the collapse of Communist dictatorships in E ..... Click the link for more information. . privatizationTransfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned enterprises may be lifted. Services formerly provided by government may be contracted out. The objective is often to increase government efficiency; implementation may affect government revenue either positively or negatively. Privatization is the opposite of nationalization, a policy resorted to by governments that want to keep the revenues from major industries, especially those that might otherwise be controlled by foreign interests. |
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| The rush to privatise in the immediate post-Soviet period of the early 1990s is now being strongly questioned. Hungary has now tried - and failed - six times to privatise its national carrier Malev. The next step in the government's strategic program is to privatise the incumbent operator Uzbektelecom and to open the market to competition consistent with the country's aim to join the World Trade Organization (WTO). |
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privatise
