Devolvement: n. transferring rights and/or power to a lower rank
Devolvement is really another word for decentralization which means transferring the rights and/or power from higher management to lower management or from the central government to the localities or regional governments.
Conglomerates are examples of devolvement and in family life delegating household responsibilities to your offspring is devolvement. Delegation of authority is also a form of devolvement.
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