Privatization
/ˌpraɪvətaɪˈzeɪʃən/
Definitions
- (n.) The transfer of ownership, property, or business from the government to the private sector.
The government initiated privatization of state-owned enterprises to improve efficiency.
- (n.) The process of reducing the scope of government involvement in economic activities by delegating to private entities.
Privatization often leads to increased competition in the market.
Forms
- privatisation
Related terms
See also
Commentary
Privatization is frequently used in economic and administrative law contexts; drafting should clarify scope and extent of transfer to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.