Question

What is liberalisation globalisation and privatisation?

Answer 1

Liberalisation
Liberalisation refers to the slackening of government regulations. The economic liberalisation in India denotes the continuing financial reforms which began since July 24, 1991.

Privatisation and Globalisation
Privatisation refers to the participation of private entities in businesses and services and transfer of ownership from the public sector (or government) to the private sector as well. Globalisation stands for the consolidation of the various economies of the world.

Answer 2

A process of communication and integration between people, organizations, and ministries worldwide is known as Globalization.

Liberalization is a method through which a nation lifts limitations on some separate individual ventures. This process of liberalization occurs when anything which used to be prevented is no longer banned, or when state laws are relaxed.  

Privatization in general term refers to the transfer of a business, enterprise, or service from the public to private dominion and authority.