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Private Sector
The area of commerce that is not run, or is run in part, by the government. This sector differs from the public sector, which provides goods and/or services by, or on behalf of, the government. Common segments of the public sector include the police and the prison system, the military, transportation infrastructure, education, and health care for the poor. The number of public versus private sector institutions in a nation depends on its economic system; capitalism would have the least and socialism and communism the most. When government services or institutions are transferred to private ownership, it is called privatization. This global trend began during the 1980s, triggered by the growth in private industry and encouraging economic theory. Proponents of privatization believe that it ...