Privatization is the process by which a government or public organization transfers ownership and control of a public service, business, or asset to private individuals or organizations. The goal of privatization is usually to increase efficiency, improve service quality, and reduce government spending by leveraging the competitive advantages and management expertise of the private sector.

• Megginson, W. L., & Netter, J. M. (2001). From state to market: A survey of empirical studies on privatization. Journal of Economic Literature, 39(2), 321–389. https://doi.org/10.1257/jel.39.2.321