privatizeverb [ T ]
UK usually privatise uk/ˈpraɪ.və.taɪz/us/ˈpraɪ.və.taɪz/C1 If a government privatizes an industry, company, or service that it owns and controls, it sells it so that it becomes privately owned and controlled:
I bought shares in British Gas when it was privatized.
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UK politics: government administration & organisation
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Selling
privatization
noun [ U ] UK usually privatisation uk/ˌpraɪ.və.taɪˈzeɪ.ʃən/us/ˌpraɪ.və.t̬əˈzeɪ.ʃən/
Examples
- The unions are in opposition to the government over the issue of privatization.
- An early example of privatization was the enclosure of public land for private use by wealthy landlords.
The last few years have seen the privatization of many industries previously owned by the state.