Definition

The process of making something operate in a market-based manner, often involving competition and profit motives.

Example

The marketization of public services has led to increased efficiency but also raised concerns about accessibility.

Conversation

Have you heard about the concept of marketization in service industries?

Yeah, it’s interesting how it changes the way services operate.

I think marketization can lead to more competition, which is good for customers.

Definitely! It can improve quality and lower prices for everyone.

Synonyms & Antonyms

Root Explanation

Marketization → It is formed from "market" (from Old French *marquet*, meaning a place for buying and selling) and "-ization" (a suffix used to form nouns indicating a process). The word "marketization" refers to the process of introducing market forces into an area that was previously controlled or regulated.

Memory Tip

Think of a 'market' as a place where buying and selling happens, and '-ization' means the process of making something happen. So, marketization is the process of making something operate like a market.

Visually Confused Words