Thank you for the opportunity to help you with your question!
Transfer of ownership of property, business from the government to the private sector is privatization. The government ceases to be the owner of the entity.It has got many advantages.Like it is seen that in private companies employees are more efficient in their duties, they are punctual, and they take their jobs very seriously. It is because in these companies hire and fire is very common, if a person is not doing his job properly, not completing the deadlines, he can be fired immediately.So this is the distavantage of privatization, although with this efficiency increases, everyone takes his job seriously.
In the field of education, if we see private colleges and universities, the fees is very high, no support from the government, so it is very expensive for the students, on the other hand , government colleges are comparatively cheaper, but getting admission in govt colleges is difficult because more applicants are applying.
It is seen that many times security agencies, military , jail services are better when they are privatized because everyone is doing his job fair, everyone is unbiased, no favoritism, fair judgement.In the jail cases, for the judgements to be fair , the judiciary can work fairly. A prisoner will get fair judgment , sometimes innocent are caught, but with fair judiciary they get correct judgement
Please let me know if you need any clarification. I'm always happy to answer your questions.