How Do You Spell MARKETIZATION?

Pronunciation: [mˌɑːkɪta͡ɪzˈe͡ɪʃən] (IPA)

Marketization, /ˌmɑːkɪtɪˈzeɪʃən/, is the process of transforming an economy or society from a state-controlled or impeded system to a free-market one. The spelling of this word follows typical English pronunciation rules with the "k" after the "a" creating a short "a" sound while the "t" and "i" form a "tie" sound. The "z" before the "e" creates a "zay" sound and "sh" is created by "s" and "h" at the end of the word. The spelling of marketization is consistent with the International Phonetic Alphabet (IPA).

Meaning and Definition
Common Misspellings
Etymology
Basic Check Advanced Check

MARKETIZATION Meaning and Definition

  1. Marketization refers to the process of introducing, promoting, or implementing market-based principles and mechanisms in various sectors or areas of society that traditionally operated under non-market systems. It involves the transformation of non-market activities and services into commodity-like goods and services that are bought and sold in a competitive marketplace.

    In marketization, the objective is to introduce market forces such as supply and demand, prices, competition, and profit motives into previously non-market areas. This often entails deregulation, privatization, and liberalization of previously state-controlled or non-profit sectors.

    The concept of marketization is often associated with transition economies, where governments have shifted from centrally planned economic systems towards market-oriented systems. However, it can also be observed in other sectors within established market economies where public services are being subject to market-like arrangements.

    Marketization is seen as a means to increase economic efficiency, promote consumer choice, and incentivize innovation and productivity. However, it can also lead to certain social and economic challenges, such as increased inequality, reduced access to services for marginalized groups, and potential exploitation of public resources for private gain.

    Overall, marketization represents a shift towards a market-driven approach in sectors that were traditionally governed by non-market mechanisms, with the aim of bringing the perceived benefits of market competition and efficiency to these areas.

Common Misspellings for MARKETIZATION

Etymology of MARKETIZATION

The word "marketization" derives from the noun "market", which has its roots in Latin "mercatus" meaning "trading, buying or selling". It entered English in the late 11th century with the sense of "a meeting or gathering for buying and selling", and later extended to mean "public place or square where a market is held".

The suffix "-ization" is derived from the Latin "-izare" or Greek "-izein", both of which indicate the creation or formation of something. It is often added to nouns to form verbs meaning "to make or become". So, when added to "market", it forms the verb "marketize" which means "to introduce market forces or principles into a system or industry".