Privatization Definition
Privatization (sometimes: denationalization, privatisation or - especially in India - disinvestment) is the economic process of transferring property, from public ownership to private ownership. An opposite process is nationalization. In theory, privatization helps establish a "free market", as well as fostering capitalist competition, which its supporters hope will give the public better choices.
Conversely, socialists view privatization negatively, arguing that entrusting private businesses with control of essential services reduces the public's control over them, and may result in corruption.