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Privatize Meaning: Definition, Examples, and Translations

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privatize

[หˆpraษชvษ™หŒtaษชz ]

Definition

Context #1 | Verb

economic policy

To privatize means to transfer ownership of a business, enterprise, or public service from the government to private individuals or organizations. This process often aims to increase efficiency, reduce government spending, and enhance competition in the market.

Synonyms

commercialize, divest, liberalize.

Examples of usage

  • The government plans to privatize the national airline.
  • Many public utilities were privatized in the late 20th century.
  • The privatization of healthcare has sparked significant debate.

Translations

To see the translation, please select a language from the options available.

Origin of 'privatize'

The term 'privatize' first appeared in the English language in the mid-20th century, primarily in discussions surrounding economic reforms and policies regarding the management of state-owned enterprises. The prefix 'private' indicates ownership by individuals or corporations rather than the state, combined with the suffix '-ize,' which denotes the process of making something into or converting it to a particular state. The concept gained traction particularly during the 1980s and 1990s, with notable examples including the privatization of British Telecom and various industries in Eastern Europe following the collapse of the Soviet Union. The rise of neoliberal economic policies during this time championed the idea that privatization could lead to greater efficiency, innovation, and economic growth, fostering a significant shift in how public resources were managed across the globe. Over the years, the term has evolved to encompass a wider array of applications beyond just public enterprises to include debates on public services and social goods.

Word Frequency Rank

At rank #29,836, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.