key term - Economic Liberalization

Definition

Economic liberalization refers to policies aimed at reducing government intervention in economic activities and promoting free market principles. It involves deregulation, privatization, trade liberalization, and opening up markets to foreign competition.

Related terms

Free Trade:

The exchange of goods and services between countries without restrictions or barriers such as tariffs or quotas.

Privatization:

The transfer of ownership or control of government-owned assets or industries to private individuals or companies.

Deregulation: The removal or reduction of government regulations on businesses and industries to promote market efficiency and competition.