What does the word privatization actually means?

Answer 1

Privatisation is a term used when a program or business is changed from one form into a privately operated form. Examples would be where a publicly traded corporation is taken private when someone or a group of people purchase all the shares of stock and turn the company into a privately operated business instead of a publicly traded corporation. This would be called taking the corporation private or privatisation of the corporation. Another example is when a function that was previously provided by the government such as a municipal hospital is taken over by a privately run company. This would be privatisation of the hospital.