difference between globalisation privatisation and liberalisation
11th std ocm chapter 7
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Globalization is where an economy of scale is created through the interaction and integration among people, companies, and governments worldwide.
It is a complex and multifaceted phenomenon, which is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy.
Liberalization is the process where a state lifts restrictions on some private individual activities. It is a situation in which government regulations and restrictions are relaxed to make room for economic expansion.
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