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What does privatize mean?

Looking for the meaning or definition of the word privatize? Here's what it means.

Verb
  1. (economics) To release government control of (a business or industry) to private industry.
  2. (computing) To make (a variable, etc.) private in scope.
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Examples
The postal officials reportedly supported Koso as an opponent of government plans to privatize postal services.
All of these common heritage resources are under tremendous strain as corporations seek to privatize and commodify them.
At the top of its list was a request that the government halt plans to privatize and corporatize the Taiwan Railway Administration.
We will privatize utilities and end inefficient regulations and monopolies.
Measures to privatize publicly owned undertakings and weaken trade unions were also introduced.
I don't offhand dismiss speculation that this is all a neoconservative plot to privatize Iraqi art.

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