Privatization
Privatization is when governmental employees are replaced with private sector workers through a contract with an outside employer for the purpose of reducing overall costs.
Definitions
According to Labor Relations and Collective Bargaining by Michael R. Carrell and Christina Heavrin (10th edition),
- Privatization. When governmental employees are replaced with private sector workers through a contract with an outside employer for the purpose of reducing overall costs.
According to Principles of Economics by Timothy Taylor (3rd edition),
- Privatization. When a government-owned firm becomes privately owned.
Related concepts
- Labor relations. The systematic study of attitudes, motivations, and behaviors which two or more job-market actors assume toward each another.
