Question

Differentiate the meaning of globalization and liberalization

Answer 1

Globalization and liberalization are concepts that are closely related to one another. A country usually experiences liberalization of its economic and other policies, which is later on followed by globalization. There are, however, many differences between the two. Liberalization generally relates to activity within a certain country as a result of modernization and development. Globalization relates to activities among countries and results in interdependence and interaction among countries and facilitates the movement of goods and services, capital, individuals, knowledge, technology.

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