Liberalization or liberalisation (British English) is a broad term that refers to the practice of making laws, systems, or opinions less severe,[1] usually in the sense of eliminating certain government regulations or restrictions.
Economic liberalization refers to the reduction or elimination of government regulations or restrictions on private business and trade.
Some leading European energy companies such as France's EDF and Sweden's Vattenfall remain partially or completely in government ownership.
[citation needed] Liberalized and privatized public services may be dominated by big companies, particularly in sectors with high capital, water, gas, or electricity costs.
In social policy, liberalization may refer to a relaxation of laws restricting certain practices or activities, such as divorce, abortion, or psychoactive drugs.