What is the role of liberalization in globalization?
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Trade liberalization is the reverse process of protectionism. After previous protectionist decisions, trade liberalization occurs when governments decide to move back toward free trade. The outcome of these liberalizing and integrating processes is known as globalization.
LPG stands for Liberalization, Privatization, and Globalization. India under its New Economic Policy approached International Banks for development of the country. These agencies asked Indian Government to open its restrictions on trade done by the private sector and between India and other countries.
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