What does privatization mean?
noun
The process of transferring ownership or control of a business or industry from the public to private sector, often through sale or privatization of state-owned assets. This can involve the sale of shares, assets, or services to private companies or individuals.
Example
"The government's decision to privatize the state-owned airline led to significant improvements in efficiency and customer service."
Definition generated by AI and curated by RJS Tech Solutions LLP.