Privatisation is the process of moving the ownership, control, and management of government-owned businesses or public properties to private companies or individuals.

Governments choose to privatise to make services more efficient, lower government spending, earn money, and encourage competition.

Key points include:

• Common methods involve selling company shares, selling physical assets, or hiring private companies to provide public services.
• Critics worry that privatisation might lead to higher prices and make services harder to afford for low-income citizens.
• It is often used as a tool to fix government failure by bringing market competition into public sectors.