This paper compares the development since the 1980s of privatization of education services in the U.S. and U.K. In both countries, education management organizations (EMOs) have become institutionalized to some degree, with policy-borrowing between the two countries and common ideological predisposition toward market solutions. Despite this history, privatization remains small-scale and not especially lucrative to those entering the market. In the U.K., the emphasis has been on compulsory competitive tendering and the Private Finance Initiative: public-sector structures to aid privatization within a governmental system. The result is a privatization at "glacial speed," with few opportunities for EMOs. In the U.S., it is the creation of capital markets and the rollout of charter schooling that have sustained privatization. The activities of companies such as Edison and TesseracT are considered. Capital market growth and charter schooling represent much more general alternatives to public provision. (Contains 59 references.) (Author)