marketize

Marketize refers to the process of transforming something that was not previously a market into a market. This often involves introducing commercial principles, competition, and the forces of supply and demand into sectors or activities that were traditionally managed through public provision, non-profit models, or informal arrangements.

The term is frequently used in discussions about privatization, where state-owned enterprises or public services are sold to private companies or subjected to market-based management. However, marketization can also occur within public sector organizations, where they are encouraged to operate more like businesses, seeking revenue, managing costs competitively, and focusing on efficiency to attract "customers" or clients.

Examples of marketization can be found in areas such as education, healthcare, and even social services, where mechanisms like vouchers, user fees, or performance-based funding are introduced. Critics often raise concerns about potential negative consequences, including the commodification of essential services, increased inequality, and a focus on profit over public good. Proponents, conversely, argue that marketization can lead to greater efficiency, innovation, and better quality of services through competition and consumer choice. The extent and nature of marketization can vary significantly depending on the specific context and the sector involved.