Four-Stage Model of Marketing Systems Evolution: A Theoretical Framework for Sustainable and Inclusive Markets

Markets are dynamic systems evolving in response to societal, economic, and technological shifts. This commentary presents the Four-Stage Model of Marketing Systems, a theoretical framework grounded in Weber's concepts of formal and substantive rationality while also building upon and extending existing frameworks. The model traces market evolution across four phases: hierarchical formal markets, DIY markets, prosumer-driven platforms, and participatory prosumption collectivities. Emphasizing the transition from efficiency-focused “power-over” systems to inclusive, sustainable “power-with” systems, it integrates insights on governance, equity, and societal well-being. By examining examples like Stocksy and FairBnB, the commentary demonstrates how participatory models can address systemic challenges, such as inequality and ecological degradation, while fostering sustainable growth. The model has significant implications for marketing theory, policy, and practice, offering pathways to reimagine markets as tools for collective progress. This paper concludes with a call for interdisciplinary collaboration to align market systems with the values of equity, sustainability, and inclusivity.