Pronunciation: [mˈɑːkɪtˌa͡ɪz] (IPA) 
The word "marketize" is spelled with a "z" instead of an "s" due to its tie to the word "market" which is pronounced with a voiced "k" sound. The IPA phonetic transcription for "marketize" is /ˈmɑːrkɪtaɪz/, with the stress on the second syllable. The suffix "-ize" denotes action or process, such as "colonize" or "realize". Therefore, "marketize" means to take action to make something marketable or to turn it into a market product.
Marketize (verb):
To marketize refers to the process of transforming a non-market activity or sector into a market-oriented system. This term is commonly used in economics and public policy to describe the introduction of market principles and mechanisms into areas that were previously outside the realm of free-market exchanges.
When something is marketized, it undergoes a shift from being controlled, operated, or regulated by governments, public institutions, or non-profit organizations to being driven by market forces. This may involve allowing private companies to enter sectors that were once exclusively state-owned or opening up industries to competition and market competition. The aim is to enhance efficiency, encourage innovation, and improve the allocation of resources by leveraging the self-regulatory nature of markets.
Marketization can take various forms depending on the context. It often involves deregulation, privatization, and the introduction of profit motives. By subjecting previously non-market activities to market discipline, marketization aims to create incentives for participants to respond to consumer demand and to allocate resources more efficiently.
Critics argue that marketization may lead to unintended consequences, such as inequality, price fluctuations, and the erosion of public provision in essential areas like healthcare and education. However, proponents contend that when implemented properly, marketization can stimulate economic growth and produce improved outcomes through competition and increased consumer choice.
In summary, marketize refers to the process of introducing market forces, competition, and profit motives to an activity or sector that was primarily non-market in nature.
The word "marketize" is formed by adding the suffix "-ize" to the noun "market". The noun "market" comes from the Latin word "mercatus", which means "a trading place" or "a market". Through Old French, it was adopted into Middle English as "market". The suffix "-ize" is derived from the Greek "-izein", which is used to form verbs indicating a process, action, or conversion of something into a specified state. Therefore, "marketize" means to transform or adapt something into a market or to subject it to market forces.
