The process of moving a business, service, or property from government ownership to private ownership. It usually means that companies, not the state, now run and profit from it.
From *private* (from Latin *privatus* 'set apart, not public') plus the suffix *-ization* indicating a process. It grew popular in the late 20th century to describe economic policy changes.
Privatization is like flipping a label from 'ours' to 'theirs' on big systems like water, prisons, or railways. Supporters say it brings efficiency; critics say it shifts the goal from serving people to serving profit. The word marks a huge change in who gets to decide and who gets paid.
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