Eli5: How does privatization of an essential public good/service/infrastructure work and what are the reasons behind it?

Question

From what ive read, consumers are definitely not the beneficiaries in such arrangements. Why do governments do this then? Why give up ownership and control of vital stuff (e.g. water, utilities, highways, etc.) to private – and often – foreign entities?

In: 142

Answer 1

Thank you so much, everyone! Your answers have helped so much! Thank you!