Present participle of baronize; the act of raising to or granting baronial status.
From baronize plus the present participle suffix -ing, which marks ongoing or continuous action. The -ing suffix comes from Old English and has been productive for over a thousand years.
The -ing form is linguistic gold—it can be a verb (he is baronizing), a noun (baronizing is rare), or an adjective (a baronizing decree)—that's why English loves it as a multi-purpose suffix.
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