1. the transfer of a business, industry, or service from public (government) ownership or control to private ownership or control
Usage: British English spelling; American English uses 'privatization'; commonly used in economics and political discourse

Examples

• The government announced the privatisation of the national railway system.
• Supporters of privatisation argue it improves efficiency and reduces costs.
• Critics worry that privatisation of healthcare may limit access for low-income families.
• The privatisation of the water company led to higher bills for consumers.
• Many European countries have pursued privatisation of state-owned enterprises since the 1980s.
• The debate over privatisation of public schools remains controversial in education policy.