shift of power or control over

... my suggestion

It's hard to find a good definition of "Vermachtung," but here's what I was able to come up with, first how the word is used in German, and then examples of how I think this should probably be translated in English:

Vermachtung von Recht: Ausnutzung von Informations- und Machtvorteilen durch städtische und ländliche Eliten um die Schaffung gesetzlicher Regulungen zu beeinflussen oder bestehende gesetzliche Regelung zu ihren Gunsten zu intepretieren und einzusetzen. Manipulierung von Regelungsinstanzen und Beeinflussung der Rechtsanwendung zum Gunsten der Mächtigen und zum Nachteil der Schwachen (law turned into power).

Vermachtung von Recht: law turned into a matter of power
http://www.gtz.de/orboden/glossary.htm

In order to avoid the usually violently destructive recurrence of property’s tendency to become independent of social control and a power of its own [Verselbständigung und Vermachtung], the social responsibility of property should be preserved more consciously and more vigorously.
http://www.unca.edu/~combs/IntegralAge/IntegralForum3000.htm


"The Government are like a rabbit caught in car headlights. They are mesmerised by the unrestrained, liberalised, uncontrolled power of the market, believing against all experience and common sense that standards will automatically be maintained, that regions will get their fair share, and that small companies will survive the onslaught of the Euro megacompany. They are peddling a deadly mixture of complacency and dogma."

"The uncontrolled power of global markets has been regarded as the principal challenge, but a phenomenon that emerges parallel to it is that of supranational bureaucracy and the power of experts, in relation to which democratic oversight and guidance are inadequate."

This concept is not easy to translate, but maybe someone else has a brilliant idea!

i.e the blind belief in the beneficient forces of the market, regardless of the damage it may do to societal structures. Perhaps 'glorification' or 'absolutist empowerment of the market' I think is meant here