the act of selling an industry, company or service that was owned and controlled by the government, so it becomes privately owned and controlled

The last few years have seen the privatization of many industries previously owned by the state. 在过去几年中，许多以前国有的行业都实行了私有化。

They promised there would not be any further privatizations until after the elections. 他们承诺在选举之前不会有任何进一步的私有化举措。