Origin: Latin suffix -tion
Privatization has 2 different meanings across 1 category:
changing something from state to private ownership or control
"The government announced plans for the privatization of the national railway system to transfer it from state to private ownership."
The transfer of a company or organization from government to private ownership and control.
"The privatization of the national railway system transferred its operations from state hands to a private corporation."
In plain English: Privatization is when the government sells something it owns to private companies so they can run and profit from it instead of paying for it with taxes.
"The government decided on the privatization of the national airline to improve its efficiency and reduce costs."
Usage: This term specifically refers to the process of transferring public assets to private entities, distinct from simply selling an item privately. It is often confused with "nationalization," which describes the opposite action of bringing private companies under state control.
Privatization entered English as a direct translation of the German word Privatisierung, which itself comes from the Latin prīvātus meaning "apart from the state." The term gained popularity in 1943 through Sidney Merlin's writings on post-World War I economic principles.