Privatization of prisons has become an important consideration for the governments of all the developed countries including the United States, United Kingdom and Canada. The one major reason for this consideration is that the prisons are becoming overcrowded and therefore their management by the state is becoming difficult. Moreover, the involvement of the private sector also has the potential to decrease the economic burden that the management and running of the prisons has on the budget of the government. However, it should be noted that privatization of prisons should be discussed from the perspective of all the stakeholders involved in the matter and the rewards and risks should be discussed from the perspective of all these stakeholders. In this paper we shall discuss how the prisons can be managed in a better way and how all the stakeholders involved would get affected when the prisons are going to be privatized....
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