privatization
//ˌpraɪvətɪˈzeɪʃən//
Noun
privatizationSingular
privatizationsPlural
1
The process of transferring ownership or control of a business, enterprise, or public service from the government to the private sector.
The privatization of the national railway system led to significant changes in service quality.
2
The act of making something private or removing it from public ownership or control.
The privatization of the national railway system was completed last year.