Final answer:
Privatization is the practice of corporate business interests taking responsibility for public services and facilities. It involves delegating these services to private companies that operate for profit.
Step-by-step explanation:
The practice of having corporate business interests take responsibility for public services and facilities is known as privatization. This involves delegating public services, such as utilities, transportation systems, and postal services, to private companies that operate for profit. Privatization is often advocated by organizations like the World Bank and the International Monetary Fund (IMF) to improve the efficiency of public services.