Privatization | Transferring ownership of a government owned resource

by Yuvi - November 30, 2020

Privatization

Concept of Privatization

Privatization dates long back to ancient Greek and Roman empires.

Privatization is the process of transferring ownership of a government owned or public-owned resource such as a business, enterprise, agency or public service from the government (public sector) to the private business sector.
Thus it is also called decentralization or denationalization or disinvestment.
It is one of the hottest issues currently being debated in the education sector.

Impact of Privatization on education

It eases the pressure on the government to meet increasing demand.
It relieves government from excessive costs.
Privatization will foster healthy competition in the market place leading to cheaper educational goods and services having better quality.
It will lead to more generation of resources and jobs.
More flexibility and variety of choices and options available to parents and children.
More accountability as many blind levels of political clout are removed.
New innovations and incentives.
Effective and Time-bound results.
It leads to growth in the business or commercial side of education.
Increase in distance learning, virtual universities, e-learning, etc. due to ICT tools like the Internet.
Trends in education will not be dependent on the mood of and forced implementations of politicians.