"policy or process of making private as opposed to public," 1924, in reference to German economic policies in the crisis after World War I, from private (adj.) + -ization. Re-privatisation is attested by 1939.
Hugo Stinnes repeatedly demanded the privatization of the railroads, alleging that they could never function satisfactorily and profitably under bureaucratic administration. [United News article in Miami Herald, April 28, 1924]