Source : Webster's Revised Unabridged Dictionary (1913)

Equalize \E"qual*ize\, v. t. [imp. & p. p. {Equalized}; p. pr. &
   vb. n. {Equalizing}.] [Cf. F. ['e]galiser.]
   1. To make equal; to cause to correspond, or be like, in
      amount or degree as compared; as, to equalize accounts,
      burdens, or taxes.

            One poor moment can suffice To equalize the lofty
            and the low.                          --Wordsworth.

            No system of instruction will completely equalize
            natural powers.                       --Whately.

   2. To pronounce equal; to compare as equal.

            Which we equalize, and perhaps would willingly
            prefer to the Iliad.                  --Orrery.

   3. To be equal to; equal; to match. [Obs.]

            It could not equalize the hundredth part Of what her
            eyes have kindled in my heart.        --Waller.

   {Equalizing bar} (Railroad Mach.), a lever connecting two
      axle boxes, or two springs in a car truck or locomotive,
      to equalize the pressure on the axles.

Source : WordNet®

equalize
     v 1: compensate; make the score equal [syn: {equalise}, {get even}]
     2: make equal, uniform, corresponding, or matching; "let's
        equalize the duties among all employees in this office";
        "The company matched the discount policy of its
        competitors" [syn: {equal}, {match}, {equalise}, {equate}]