Prison Privatization

Paper Summary:

This paper discusses the incredible drain on taxpayer finances in order to house inmates, as well as the problems associated with overcrowding in prisons. The paper then examines the economic impact of prison privatization, including the possible risks of a privatized prison system. Finally, it looks at the role that prisoner labor can play in a prison privatization plan because of both the economic and social consequences.

Table of Contents:
Introduction
Defining Privatization
External Factors
Internal Factors
Legal and Ethical Issues
Evaluating Publicly-Traded Private Prisons
Forecasting Future Performance
Conclusion

From the Paper:

"For-profit incarceration is a controversial idea, but it appears to have become a permanent part of the American criminal justice landscape. While it is uncertain whether private prisons actually save any taxpayer money, and the ethical issues are troubling, those issues do not appear to place the industry in any real danger. There are several reasons for this, but it may be largely due to apathy on the part of the average American. While legal scholars and civil rights advocates may be troubled by the criminalization of status behavior, like drug offenses, or the incarceration of people by private firms, the average American may not fully understand the ramifications of those legal issues. In addition, even those that do understand the constitutional ramifications may feel like, because the impacted people are convicted criminals, concerns about their civil rights should be secondary to financial concerns. Whatever the reason, the reality is that prison overcrowding, which will continue as an issue unless America revises its current drug policies, is a serious problem, and that states cannot meet the demand for new prisons. Therefore, prison privatization is not only likely to continue, but to continue to grow, as a major part of the American criminal-justice landscape."

Sample of Sources Used:

• Blumstein, James F. and Mark A. Cohen. "The Interrelationship between Public and Private Prisons: Does the Existence of Prisoners Under Private Management Affect the Rate of Growth in Expenditures on Prisoners Under Public Management?" APTCO.org. 2003. Association of Private Correctional and Treatment Organizations. 27 Sept. 2008 <http://www.apcto.org/logos/Study.pdf>.
• Colorado Criminal Justice Reform Coalition. "For-Profit Incarceration." CCJRC.org. (Unknown). Colorado Criminal Justice Reform Coalition. 25 Sept. 2008 <http://www.ccjrc.org/pdf/forprofit.pdf>.
• Corrections Corporation of America. "Investor Relations." Correctionscorp.com. 2008. Corrections Corporation of America. 27 Sept. 2008 <http://investor.shareholder.com/cxw/>.
• Dow Jones Client Solutions. "GEO." Investor Relations. 2008. MarketWatch, Inc. 27 Sept. 2008 <http://phx.corporate-ir.net/phoenix.zhtml?c=91331&p=irol-irhome>.
• Hinojosa, Maria. "Reporter's Notebook: Inside a Private Prison." PBS.org. 2008. Jumpstart Productions. 26 Sept. 2008 <http://www.pbs.org/now/shows/419/prisons-profits.html>.

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