Question

What is liberalization? (Answer in one sentence)

Answer 1

Liberalization is the removal or loosening of restrictions on something, typically an economic or political system.Privatization is the process of transferring an enterprise or industry from the public sector to the private sector.

Answer 2

Liberalization is a process where a state abolishes some restrictions on private organizations.

Explanation:

• Liberalization’s basic aim is to stop the restrictions which make problems on the growth of nation.
• The liberalization policy has some objectives and these are encourage foreign trade with other countries, increase the competition among the domestic industries, expand global market frontiers of the country, improvement of foreign capital and technology.
• It also reduces the tax, social security, and unemployment.