Question

What is privatization,liberalization and globalization?

Answer 1

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Here Is Your Answer:-

Privatization:-

*) Privatization is the process of transferring ownership of a business , enterprise , agency public service or public property from the public sector to the private sector.

*) The business that operates a profit or non-profit organization.

Liberalization:-

Liberalization refers to relaxation of government restrictions in areas of economic policies . Thus when government liberalizes trade it means it has removed the tariff , subsidies other restrictions on the flow of goods and services between countries.

Globalisation:-

Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange.

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Answer 2

Explanation:

Privatization means allowing the private sector to set up industries which were earlier reserved for the public sector. Removing barriers or restrictions set by the government on trade is called liberalization. Thus, privatization and liberalization results in freedom from closed and regulated economy.