privatisation
UK: ˌpraɪvətaɪˈzeɪʃən | US: ˌpraɪvətəˈzeɪʃən
n. The process of transferring ownership of a business, industry, or service from public (government) control to private ownership.
Derived from the Latin root privatus (meaning "set apart, belonging to oneself"), combined with the suffix -isation (from Latin -izare, via French -iser), which denotes the act or process of making something. The word emerged in the mid-20th century to describe the economic shift of state-owned assets to private entities, reflecting neoliberal policies. The British spelling retains the -isation suffix, while American English uses -ization.
The privatisation of the railway system sparked debates about service quality and pricing.
Many argue that privatisation leads to greater efficiency in industries previously run by the state.
The government announced plans for the privatisation of several national energy companies.
Critics claim privatisation often prioritizes profit over public welfare.
After privatisation, the telecommunications sector saw rapid technological advancements.