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Marketization is a broad term with a wide range of meanings. It encompasses measures of deregulation and privatization as well as the perceived increase of an ›economic‹ logic in social relationships. For historical purposes, the term should not be narrowly defined, and nor should the concept of marketization be used in an ahistorical manner detached from contemporary usage. However, there are two questions which the historical analysis of marketization needs to address. First, what is the conceptual understanding of the market mechanism to which the term marketization is linked? Second, what is the relationship between marketization and economic theory?
Theory matters. Most historians would probably agree with this postulate, in the sense that theories from disciplines such as sociology, economics or psychology can sharpen historical analyses of any topic (though many of them may prefer quite pragmatic, common-sense approaches in their own empirical studies). But when it comes to a historical understanding of a phenomenon like marketization, theory does remain an analytical resource – and at the same time turns into a multifaceted object of research. The way we think about markets is highly affected by theorists, and not only by their ideas but also by their effectiveness in making them influential over specific periods of time.