What is privatization and what are the main arguments for and against its use in delivery select government services and responsibilities?

What will be an ideal response?

An ideal response will:
1, Define privatization as turning responsibilities for certain government services over to private organizations.
2, Proponents of privatization argue that private businesses working under government contracts could deliver services and benefits to citizens more efficiently and less expensively than when performed by the bureaucracy.
3, An argument against would be the difficulty of holding private companies accountable for their actions when they are not necessarily subject to the same oversight laws that govern public agencies. Another argument would be risks of favoritism and corruption stemming from the influence of campaign contributions, personal contacts with government officials, and lobbying to encourage expenditures of government funds that may benefit an individual company without meeting public needs.