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Abstract
The article is focused on the phenomenon of privatization, its essence, different approaches to the definition of this phenomenon. It is emphasized that this phenomenon is one of the important mechanisms of public admin-istration. It allows achieving goals and solving tasks, primarily, of an economic nature, which the owners set for themselves. The latter are the authorities and the state as a whole. Privatization is an important aspect of the country's economic efficiency. It is responsible for creating a strong competitive market economy, forming ef-fective owners, creating conditions for social equality of citizens in the privatization process, and ensuring the existence of an effective investment climate. Conclusion dwells upon the fact that privatization is a complex and comprehensive phenomenon that affects all spheres of our life and is necessary for building a prosperous, democratic state.
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