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Privatization refers to the process of transferring ownership or management of a public sector enterprise, service, or asset to private individuals or organizations. This can occur through various means, such as selling government-owned companies, outsourcing public services, or deregulating industries. The primary aim of privatization is often to enhance efficiency, increase competition, and reduce government expenditure. However, it can also lead to concerns about equity, access, and the quality of services provided.
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