privatization to have real meaning should not be monopolistic but should be competitive. Monopoly whether of the State or of private companies give rise to absolute power in the sphere of the work of the company whether public sector or private sector which leads to profiteering and corruption. Also it breeds inefficiency which again is a root cause of corruption. So if globalization and privatization are to succeed, we must have competition amongst the different global and private companies because it is the competition which produces the best in a person or in a company. Competition leads to excellence in performance while monopoly whether of public sector or private sector leads to poor performance and hence higher prices or tariffs which are resisted by the consumers. Essentially, the consumers are not concerned with the theories of privatization or globalization but with their end results i.e., cheap and quality products and cheap and quality services. Hence the concept of privatization and globalization to succeed, must have the ingredient of competition which leads to excellence.