privatization
UK: ˌpraɪvətaɪˈzeɪʃən | US: ˌpraɪvətəˈzeɪʃən
n. The process of transferring ownership of a business, industry, or service from public (government) to private control.
n. The act of making something private or restricting access to a select group.
privatization = private<individual ownership> + ization<process of making>
- private: From Latin privatus ("set apart, belonging to oneself"), derived from privare ("to deprive, release").
- ization: A suffix forming nouns denoting the act, process, or result of making or transforming (e.g., "modernization").
Etymology Origin:
The word emerged in the mid-20th century, combining "private" (rooted in Latin notions of personal ownership) with "-ization," a productive suffix in English for describing systemic changes. It reflects the ideological shift toward market-driven economies, where state assets are transferred to private entities. The term gained prominence during the economic reforms of the 1980s (e.g., Thatcherism, Reaganomics).
The privatization of the railway system led to increased efficiency but higher ticket prices.
Critics argue that privatization often prioritizes profit over public welfare.
The government announced plans for the privatization of several state-owned hospitals.
Rapid privatization in the 1990s transformed the country's economy.
Some services, like water supply, face strong opposition to privatization.