Marketization

Pronunciation: /ˈmɑɹkətiˈziˈætˈaɪˌɑn/

Marketization (noun)

  1. The process of changing public services or organizations so they work like businesses that compete and respond to buyers.
  2. A change in rules and funding that encourages competition, pricing, and private involvement in areas once controlled by the state.
  3. The act of treating something as a commodity, so it can be bought and sold, often affecting its social meaning.

Examples

  • The marketization of services changed how people access care.
  • Marketization can make services depend on customer demand.