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Before the process of liberization
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Liberalization or Liberalisation (British English) is the precondition for privatization and globalization. Liberalization is a broad term that usually refers to fewer government regulations and restrictions, mainly on economic activities. Liberalization is a change in the economic philosophy of a state.[citation needed] In a broader sense, liberalization refers to a change in policy which allows more freedom in laws, systems, or opinions. [1]
Core features of liberalization are:[citation needed]
a change in the attitude of the state towards an industrial society.
a change from a centrally-planned economy to a market led economy.
a change from stricter government intervention to minimal government intervention.
a change from a nationalized system to a privatized system.