privatization
US /ˌpraɪ.və.t̬əˈzeɪ.ʃən/
UK /ˌpraɪ.və.t̬əˈzeɪ.ʃən/
1.
the transfer of a business, industry, or service from public to private ownership and control
:
•
The government announced the privatization of the national airline.
•
Many argue that privatization can lead to improved efficiency.