The privatization of public services is usually great. It saves tax money, increases efficiency and lets the government focus time and money on policy and governance. Plus, the profit-seeking motive of private companies incentivizes them to cut costs, keep up quality and provide customer satisfaction. But this motive is also why privatization is not so great.
While the government acts in public interest, private companies act in monetary interest. This means, essential services like education, power, water, healthcare, food could become unaffordable for the poor, minorities, disabled, etc. or due to lack of government regulation, authority in private hands could be misused.
Let’s look at what happened when these 5 surprising things – Water, War, Elections, Local Government and Prisons – were privatized.