Etymology
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neutralize (v.)

1734, "to render neutral" (in a chemical sense), from French neutraliser (17c.), from neutral (see neutral (adj.)). Meaning "to counterbalance, render inoperative, invalidate" is by 1795; as an underworld euphemism for "to kill (someone)," by 1987. The intransitive sense "remain neutral" is older (1660s) but is now obsolete. Related: Neutralized; neutralizing.

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Definitions of neutralize

neutralize (v.)
make politically neutral and thus inoffensive;
The treaty neutralized the small republic
neutralize (v.)
make ineffective by counterbalancing the effect of;
Her optimism neutralizes his gloom
Synonyms: neutralise / nullify / negate
neutralize (v.)
oppose and mitigate the effects of by contrary actions;
neutralize (v.)
get rid of (someone who may be a threat) by killing;
the double agent was neutralized
Synonyms: neutralise / liquidate / waste / knock off / do in
neutralize (v.)
make incapable of military action;
Synonyms: neutralise
neutralize (v.)
make chemically neutral;
She neutralized the solution
Synonyms: neutralise
From wordnet.princeton.edu