Deregulation

n. process of removing something from government control

Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals with the intent of encouraging the efficient operation of markets. The stated rationale for deregulation is often that fewer and simpler regulations will lead to a raised level of competitiveness, therefore higher productivity, more efficiency and lower prices overall. Deregulation is different from liberalization because a liberalized market, while often having less and simpler regulations, can also have regulations in order to increase efficiency and protect consumer's rights, one example being anti-trust legislation. However, the terms are often used interchangeably within deregulated/liberalised industries.
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Noun
1. the act of freeing from regulation (especially from governmental regulations)
(synonym) deregulating
(hypernym) liberation, release, freeing
(derivation) deregulate

A reduction in regulation of (a) tariffs, (b) market entry and exit, and/or (c) facilities in public telecommunication services.

The reduction of government's role in controlling markets leading to freer markets, thereby creating a more efficient marketplace.