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ratchet (n.)

1650s, rochet, from French rochet "bobbin, spindle," from Italian rocchetto "spool, ratchet," diminutive of rocca "distaff," possibly from a Germanic source (compare Old High German rocko "distaff," Old Norse rokkr), from Proto-Germanic *rukka-, from PIE root *ruk- "fabric, spun yarn." Compare rocket (n.2). Current spelling in English dates from 1721, influenced by synonymous ratch, which perhaps is borrowed from German Rätsche "ratchet."

ratchet (v.)

1852, from ratchet (n.). Transferred sense attested by 1977. Related: Ratcheted; ratcheting.

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Definitions of ratchet from WordNet
1
ratchet (v.)
move by degrees in one direction only;
a ratcheting lopping tool
Synonyms: rachet up / ratchet down
2
ratchet (n.)
mechanical device consisting of a toothed wheel or rack engaged with a pawl that permits it to move in only one direction;
Synonyms: rachet / ratch
From wordnet.princeton.edu