The transfer to private ownership and control of assets or enterprises which were previously under public ownership. Privatized assets may have been under direct state ownership, or owned by local authorities, for example council houses in the UK, or by state-owned public corporations. Privatization may be adopted because of a belief that assets will be used more efficiently under private ownership, to reduce the power of central authorities, to raise revenue for the government, or to attempt to spread property ownership more widely in society.