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What Happened to Railtrack Shows the ultimate failure of Privatisation. Discuss? The word Privatisation has been used in a variety of contexts, ranging from returning state owned companies to the private sector, contracting out services to the private sector and liberalisation and deregulation. Although the most common definition of Privatisation is the idea that involves transferring the production of goods and services from the public sector to the private sector. Privatisation generally involves two main objectives. Firstly there is the objective to reduce the role of the government in economic affairs and share ownership of the public. The other main objective is to make public organizations operate in a more cost effective manner, essentially the public asset is sold because it is felt that the private sector could more effectively provide that service. The main arguments for Privatisation are that historically, with communist countries, the state is not a good decider of how...

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