It is an historic term that is used in German-speaking Europe and roughly means "common forest.
[1] Inhabitants of the surrounding municipalities, so long as they are part of the Markgenossenschaft, have the right to fell timber in the Markwald, to leave their cattle to graze in the forest (e.g. droving or pannage) and so on.
Members of the Markgenossenschaft have a percentage share in the woods, but no specific claim to ownership.
They have the right of co-determination and the type of management to be carried out, is jointly agreed, on the advice of the forester responsible, at their annual general meetings.
They can, for example, decide if and where plantations are established and whether wind generators may be built within the forest area.