Sometime back, I had received a telephone call from Fraser institute. The purpose was an invitation to speak on privatization and criminal justice. My first thought was that I was not the most suitable person to do the job. However, I accepted the opportunity and decided to share my knowledge. As person, I have not been in favor of privatization. In my opinion, it results in loss of jobs and reduction of job security. However, most of my audience had opposite thoughts.
Most questions which were raised after my speech stressed on why privatization was not a good option. In my all answers, I explained that privatization is never a bad option. However, it cannot be used in every set of conditions. It is not necessary to privatize a public company if it is no performing well. A lot of alternate solutions are present. For instance, the assets of the company can be reduced. This would bring a decline in operating costs and the government would be able to run the company with low profits as well.
Privatization also shares a connection with criminal justice. Running a prison generates very heavy costs for the government. Thus, some countries have given the contract to private bodies so that the cost is reduced. Does this option pay off? According to me, it reduces the maintenance standards of a prison. Private companies aim to spend the minimum amount of money and generate the highest possible profit.
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