Privatisation has become an important political and economic tool. It has been applied worldwide to assist economic growth, to lessen national debts and to free competitive forces. This study examines the theory and application of privatisation. Part One studies the theoretical background. The first chapter explores the arguments for and against its use. The debate on privatisation is largely inconclusive. Its merits and demerits often cancel each other. In Chapter One privatisation is seen as a versatile economic and political policy but its use depends wholly on the circumstances of each case. A privatisation strategy based on ideology will achieve few of its goals. The varied forms of privatisation are examined in Chapter Two. It is shown that privatisation is far more than mere divestiture. An expansion of joint ventures, franchising, contracting and other deregulatory tactics are all part of the set of privatisation policies. Britain's privatisation programme is the main focus of Part Two and is the sole subject of Chapter Three. This examines the background to and the process of privatisation in the UK. Many case studies are explored. The success of the British programme is assessed and lessons for Ireland are recorded. Privatisation experiments have been global. Chapter Four explores the practice of privatisation in Europe, North America and the rest of the world. From the early privatisations of Chile to the recent divestitures of Eastern Europe, this chapter reveals the many reasons for and approaches to privatisation in the First, Second and Third Worlds. Chapter Five is the focal chapter of this study. Having explored the theory and practice of privatisation throughout the world, strategies are considered for an Irish privatisation programme. The establishment to Ireland's State sector and the prospects of future changes, including privatisation, are assessed. Chapter Six is a brief summary of the issues raised.