1. the process of transferring ownership or control of a business, industry, or service from the government to private companies or individuals
Usage: economics; politics

Examples

• The privatization of the postal service sparked heated debate in Congress.
• Many Eastern European countries underwent rapid privatization after the fall of communism.
• Critics argue that privatization of healthcare reduces access for low-income families.
• The government announced plans for the privatization of several state-owned airlines.
• Supporters claim privatization increases efficiency and reduces government spending.
• The privatization process took three years to complete.