marketization

/M AA1 R K EH1 T AH0 Z EY1 SH AH0 N/
noun
  1. 1

    The exposure of service industries to market forces.

  2. 2

    A restructuring process that enables state enterprises to operate as market-oriented firms by changing the legal environment in which they operate.

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Source: https://en.wiktionary.org/wiki/marketization

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