Is “Centralization” a Scrabble word?

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Yes
CENTRALIZATION
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Unavailable

Meaning of Centralization

/ˌsɛntɹəˌlaɪˈzeɪʃən/

noun
  1. 1.The act or process of centralizing, or the state of being centralized; the act or process of combining or reducing several parts into a whole

    the centralization of commerce in a city