Privatizing: meaning, definitions and examples
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privatizing
[ praɪˈvætaɪzɪŋ ]
business context
Privatizing refers to the process of transferring ownership of a public enterprise or public services to private individuals or organizations. This can occur through various methods, including selling government-owned assets or contracting out services to private firms. Privatization aims to increase efficiency, improve service quality, and reduce government involvement in certain sectors. However, it can also lead to concerns about decreased access to essential services and increased costs for consumers.
Synonyms
commercialization, denationalization, deregulation, privatization.
Examples of usage
- The government is considering privatizing several state-owned enterprises.
- Privatizing public transportation services can lead to better management.
- The move towards privatizing healthcare has sparked significant debate.
- Many countries have seen benefits from privatizing their energy sectors.
Translations
Translations of the word "privatizing" in other languages:
🇵🇹 privatizando
🇮🇳 निजीकरण करना
🇩🇪 privatisieren
🇮🇩 mendayagunakan
🇺🇦 приватизація
🇵🇱 prywatyzacja
🇯🇵 民営化する
🇫🇷 privatiser
🇪🇸 privatizando
🇹🇷 özelleştirme
🇰🇷 민영화하다
🇸🇦 الخصخصة
🇨🇿 privatizace
🇸🇰 privatizácia
🇨🇳 私有化
🇸🇮 privatizacija
🇮🇸 einkavæðing
🇰🇿 жекешелендіру
🇬🇪 პრივატიზაცია
🇦🇿 şəxsiyyətləşdirmək
🇲🇽 privatizando
Etymology
The term 'privatizing' is derived from the word 'privatize,' which itself comes from the adjective 'private' and the suffix '-ize,' meaning to make or to become. The word 'private' has its roots in the Latin 'privatus,' which means 'deprived of one's own,' or 'individual.' The concept of privatization started gaining traction in the late 20th century, particularly during the economic reforms in the UK under Prime Minister Margaret Thatcher. Her government implemented a series of privatization policies that transferred ownership of public assets to private investors, with the belief that this would enhance efficiency and productivity. This movement also spread globally, influencing numerous countries to adopt privatization strategies across different sectors, such as telecommunications, transportation, and energy. The debate surrounding privatization continues, as it raises important questions about the role of government, market efficiency, and the welfare of citizens.