Question

What Is Liberalisation and Globalisation?

Answer 1

Liberalisation is known as the relaxation in rules and regulations imposed by the government in business and trade. It is the process or means of the elimination of control of the government over economic activities. This results in a greater autonomy to the business enterprises in decision-making and eliminates government interference.

Globalisation is referred to as the process by which ideas, goods and services are spread throughout the world by crossing the national boundaries.

Also see:

• MCQs on Liberalisation
• MCQs on Globalisation
• Advantages of Globalisation
• Objectives of Privatisation