Although making profits from public education is not new, what is new is the recent development of corporate interest in taking over the organization and management of public education specifically for profit-making purposes. The study reported in this paper focuses on the intrusion of "big business" into an educational arena that historically has been the preserve of elected representatives and professional educational administrators, the organization of local education authorities, and schools. The study explores the distinctive mode of privatization of education that takes the form of big business in general, and education maintenance organizations (EMOs) in particular, taking over the operation of public education, both at area and school levels. It considers the processes of privatization of public education and the conditions that have given rise to its prominence, in policy terms, in the United States and the United Kingdom. The study outlines the antecedents of EMO interest in public education. Within the mode of privatization, the most prominent are vouchers, contracting out, public-private partnerships, takeovers, tax credits, and private finance initiatives. This examination includes as well a detailed description of the history, role, purposes, and the success record of Edison Schools. (Contains 56 references.) (DFR)