9. socially, Li beralisation stood for what?
Answers
Answer:Liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital. Liberalization is often treated as synonymous with deregulation—that is, the removal of state restrictions on business. In principle the two are distinct (in that liberalized markets can still be subject to government regulations—for example, to protect consumers), but in practice both terms are generally used to refer to the freeing of markets from state intervention.
Explanation:Liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital. Liberalization is often treated as synonymous with deregulation—that is, the removal of state restrictions on business. In principle the two are distinct (in that liberalized markets can still be subject to government regulations—for example, to protect consumers), but in practice both terms are generally used to refer to the freeing of markets from state intervention.
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Answer:
Liberalization comes from the word Liberal. If I say I am of Liberal views means I m free from conservative or Orthodox mindset. they should have a freedom
So in context of business or politics Liberalization basically means free from all sorts of restrictions and privitizing from public/govt to private/open market. Opening up of MNC's in India
When India was under economic crisis DR Manmohan Singh took loan from World Bank/IMF under leadership of P.V Narasimha Rao and they put thr condition of LPG (Liberalisation,Privitization and Globalization).
Globalization is exchange of ideas, thoughts, technology,innovation,culture and companies branches in other nations it has both advantages and disadvantages like recently BJP opposed FDI under Congress govt as they feared where will local Indian industries go??
Take an example of any industry be it sewing machine earlier an Indian company named TVS invested on sewing machine needle named TVS (also automobile) they sold their needles for less prize but later on Flying Tigers came and they sold for only 50 paise per piece the Indian company felt losses and left making needles. So this was a minus point as TVS company left this business due to a Chinese company Flying Tigers despite having a great quality in stitching clothes.
So this is disadvantage of LPG
Basically there is not much difference between those three ideas but definition is different