Question

Differents between globalization and privatisation and liberlization

Answer 1

Globalisation

Globalization as many of you have heard is the greater integration among countries and economies for trade, economic, social, and political benefits. Globalization in trade is also called ‘one global market place’ where a consumer does not have to restrict their purchases to one country/economy and can enjoy the benefits of the goods and services produced worldwide. For example, Macy is a popular department store in the United States, but does not have outlets in many Asian countries. Many years ago before globalization, an Asian consumer would not be able to purchase Macy’s products, however, nowadays due to globalization, any customer, in any part of the world, can purchase Macy’s products and have them delivered to their doorstep by making transactions online. Globalization also means that just like goods and services, people, capital, and investment will also be dispersed in global locations so as to offer products and services to a ‘global marketplace’. For example, Toyota, a Japanese car manufacturer, has many production facilities worldwide to cater to demands in each individual market place.

Liberalisation

Liberalization, though similar to globalization, is more focused on the local economy. Liberalization generally refers to the removal of restrictions; usually government rules and regulations imposed on social, economic, or political matters. Liberalization maybe trade, social, economic, or capital market related. Social liberalization, for example, maybe related to things like making abortion related laws less stringent. Trade liberalization maybe with regard to reducing restrictions on imports or exports and facilitating free trade. Economic liberalization generally refers to allowing more private entities participate in economic activity, and capital market liberalization refers to reducing restrictions imposed on debt and equity markets.

Privatisation

All sectors comes under private from public.

“All in all under corporate. they will concentrate only making to be profit”

“Single hand is processing to every public assets.”

Answer 2

Liberalisation: Governments of different countries have different trading rules. They impose what are called trade barriers to restrict trade. When trade is restricted, the domestic companies do not have to compete with the global market and therefore they succeed and develop. The obvious downside to this is that the country's economy misses out on a lot of foreign goods and services that could be cheaper and of better quality. Liberalisation is removing/restricting/reducing these trade barriers, i.e., having liberal trading policies.

Privatisation: Industries are mainly of two types - public sector and private sector. Public sector industries pertain companies in which the government is a major stakeholder. This is done to foster the industries’ development if it is failing. Privatisation entails selling shares owned by the Govt. to the common people and therefore making the companies privately owned.

Globalisation: This is a controversial term that has many definitions to it. The basic concept is this: the integration of different nations' societies, economies, cultures etc. as one. In the frame of liberalisation, it is economic globalisation that is the most important. Domestic companies set up manufacturing, marketing, servicing cells in other countries, thereby linking these economies. It is made possible by liberalisation. It also includes greater import-export of goods.


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