Thank you for the opportunity to help you with your question!
Transfer of ownership, property of a business from government to the private sector is privatization.The govt ceases to be the owner of the entity or the business.Privatization has got many advantages over the government one.It is seen that in private organization , the people staff members become more efficient, punctuality increases, workers reaches on time and leave the office in time. Also quality of out put is increased .The only disadvange is this that mostly private organizations are result oriented, so if we have not performed our job well, we can loose it immediately, hire and fire is very common.Also in the field of education, fees in the private colleges and institotions are more that the government colleges, because government colleges are funde by government so fees is subsidized, so less burden on students.
Many times like in military planes etc, privatization is better because people are more fair in doing deals , less corruption, so it is good for the countryPlease let me know if you need any clarification. I'm always happy to answer your questions.
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