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retrenchment (n.)

1580s in the military sense of "interior defensive works;" see retrench (v.1) + -ment. In the sense of "action of lopping off or pruning" it is attested from c. 1600, from obsolete French retrenchement "a cutting off or out," from retrencher, later retrancher (see retrench (v.2)).  The sense of "act of economizing" is from 1660s.

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Definitions of retrenchment from WordNet

retrenchment (n.)
entrenchment consisting of an additional interior fortification to prolong the defense;
retrenchment (n.)
the reduction of expenditures in order to become financially stable;
Synonyms: curtailment / downsizing
From wordnet.princeton.edu