Economic Liberalization and Globalization — Flashcards

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Economic liberalization is the process where the government gradually reduces restrictions and controls imposed on the private sector and encourages economic development. It involves removing governme…

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The three main economic reforms are: 1) Liberalization - reducing government restrictions on private sector, 2) Privatization - transferring ownership from public to private sector, 3) Globalization -…

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1) Private sector got opportunity for unconstrained development leading to increased production, 2) Global trade started getting impetus with increase in international trade, 3) Increase in foreign ex…

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1) Despite decrease in restrictions, monopoly could not be checked, 2) Focus only on industrial sector left agriculture backward, 3) Increase in income disparity, 4) Increase in foreign debt due to mo…

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Privatization is the process in which ownership and management of industrial units under state control is handed over or transferred to the private sector. It involves opening reserved public sector a…

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1) Opening areas reserved for public sector to private sector participation, 2) Either state keeps ownership and gives management to private companies, OR state keeps management and gives ownership to…

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1) Increase in number of production units in industrial sector, 2) Increased production in capital intensive and consumable commodities, 3) Improved working capacity of public sector enterprises due t…

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1) Economic power has centralized leading to increased monopoly, 2) Cottage industries have not developed properly - only large industries benefited, 3) Prices have not remained under control leading …