Privatization

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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

Related lectures