marketization

noun

Pronunciation: ˌmɑːrkɪtəˈzeɪʃən

Definition

The process of transforming a state-controlled or non-commercial entity, service, or sector into one that operates according to the principles of a free market.

Examples

• The marketization of healthcare has led to more choices but also higher costs for patients.

• Many former socialist economies underwent rapid marketization during the 1990s.

• Critics argue that the marketization of public transport prioritizes profit over accessibility.

Synonyms of marketization

Words with a similar meaning to marketization:

• privatization
• commercialization
• liberalization

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