Definition

The process of changing something from being owned or controlled by the government to being owned or controlled by private individuals or companies.

Example

The privatization of the state-owned company led to increased efficiency and competition.

Conversation

Have you heard about the recent privatization of the local bus service?

Yeah, I read something about it. Some people are really worried.

I can understand their concerns, but privatization might improve efficiency.

True, but I guess we’ll have to wait and see how it actually affects us.

Synonyms & Antonyms

Root Explanation

Privatization → It is formed from "private" (from Latin "privatus", meaning belonging to oneself) and "-ization" (a suffix used to form nouns indicating a process). The word "privatization" refers to the process of transferring ownership or control from the public sector to private individuals or organizations.

Memory Tip

Think of something that belongs to oneself ('private') and the process of making it so ('-ization'). This helps you remember that privatization is about transferring control to private ownership.

Visually Confused Words