commodification

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commodification

the process by which goods and services are increasingly produced for the market. Compare SUBSISTENCE ECONOMY.
References in periodicals archive ?
Kongstvedt: It commoditizes all those people that thought they would get into brokering information transmission.
"Think of how Chuck Schwab founded the company," in which he brought technology into trading and helped commoditize it." Speaking to the 1,800 advisors in the audience, he said the movement toward more passive investing models "will make asset allocation less valuable." So advisors' real value will come from advisors acting "almost as a psychologist" to help end-clients determine and then take action to meet their goals.
When standards become rigorous prescriptions of what must be done, they indeed will "commoditize" products and reduce incentives to innovate.