Institution Definition

Refers to transfer of ownership and control of government or state assets, firms and operations to private investors. This transfer takes the form of issue and sale or outright distribution of shares to the general public. Broadly used, the term privatization includes other policies such as "contracting out" that is, the process by which activities, while publicly organized and financed, are carried out by private sector companies, e.g., street cleaning, garbage collection, housing, education. The policy of privatization has been extensively implemented in the United Kingdom and since adopted in several countries around the world. (...) © OECD

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