Liberalization

Definition

Liberalization refers to the process of reducing government regulations and restrictions on economic and social activities within a country. It often involves opening up markets, increasing competition, and allowing for more individual freedoms.

Related terms

Market Economy: An economic system where supply and demand determine prices, production, distribution, and resource allocation.

Globalization:

The process of increasing interconnectedness between countries through trade, communication, cultural exchange, etc.

Deregulation: The removal or reduction of government regulations in various sectors such as finance, transportation, or telecommunications.