The action or process of erasing or the state of being erased.
From 'erase' (Latin 'eradere') + '-ment' (Latin '-mentum' suffix creating nouns from verbs indicating action or result). This is a relatively archaic or rare term, as modern English prefers 'erasure' instead.
You'll rarely see 'erasement' used today because English speakers preferred 'erasure'—it's a great example of how competing word formations in a language eventually get sorted out by common usage, with 'erasure' winning because it sounds smoother!
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