Privatization: meaning, definitions and examples
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privatization
[ ˌpraɪvətaɪˈzeɪʃən ]
economy
The transfer of a business, industry, or service from public to private ownership and control.
Synonyms
denationalization, disinvestment, outsourcing
Examples of usage
- The privatization of state-owned enterprises has been a key policy in many countries.
- Privatization can lead to increased efficiency and competition in the market.
- Opponents argue that privatization can result in job losses and reduced access to essential services.
government
The process of transferring governmental control and ownership of services or assets to the private sector.
Synonyms
commercialization, corporatization, deregulation
Examples of usage
- The privatization of healthcare services has been a controversial issue in many countries.
- Privatization of prisons has raised concerns about profit-driven incarceration.
- The government announced the privatization of the national railway network.
Translations
Translations of the word "privatization" in other languages:
🇵🇹 privatização
🇮🇳 निजीकरण
🇩🇪 Privatisierung
🇮🇩 privatisasi
🇺🇦 приватизація
🇵🇱 prywatyzacja
🇯🇵 民営化
🇫🇷 privatisation
🇪🇸 privatización
🇹🇷 özelleştirme
🇰🇷 민영화
🇸🇦 خصخصة
🇨🇿 privatizace
🇸🇰 privatizácia
🇨🇳 私有化
🇸🇮 privatizacija
🇮🇸 einkavæðing
🇰🇿 жекешелендіру
🇬🇪 პრივატიზაცია
🇦🇿 özəlləşdirmə
🇲🇽 privatización
Word origin
The concept of privatization dates back to the 18th century, but it gained prominence in the late 20th century as part of neoliberal economic policies. The idea behind privatization is to transfer ownership and control of state-owned assets to the private sector, with the belief that private ownership leads to more efficiency and innovation. Privatization has been implemented in various sectors, including telecommunications, transportation, and healthcare, but it remains a topic of debate due to concerns about social equity and the role of government in providing essential services.