Privatization
Pronunciation: /ˈpraɪvətəˈzeɪʃən/
Privatization (noun)
- The process of moving a service or business from government ownership to private ownership.
- The act of selling government-owned companies or property to private companies or investors.
- A change in who manages and pays for a public service, moving control from the state to private providers.
Examples
- Privatization moves services from public control to private ownership.
- The plan supports privatization to reduce government involvement.