Prison privatization or contract management refers to the contracting of private companies by the state to provide custodial corrections. Proponents of contract management highlight increased efficiency and effectiveness and opportunities for innovation as primary advantages, but others contend that these benefits must be balanced by governments securing suitable contracts and ensuring that the state maintains responsibility for the allocation of punishment and prisoner duty of care. The following explores the various forms of privatization and discusses the catalysts to its emergence in modern times. After summarizing research around success, it outlines important issues in the future of prison privatization.