Which of the following means transferring ownership from the public sector to the private sector?

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Liberalisation

Globalisation

Privatisation

None of the above

answer is C.

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Detailed Solution

Privatisation refers to the transfer of ownership and control from the public sector to the private sector, implying a greater role of private capital and enterprise in the functioning of the economy. Under this process, the government's assets are sold to the private sector to smooth functioning and remove the competition between publicly and privately owned enterprises. Private sector enterprises are usually found to be more efficient, due to which they are sold the assets of the public sector. This is assuming that it will be run better by the private sector.

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