Meaning of liberalisation

Ans. Meaning of Liberalisation: Liberalisation means the removal of rules and regulations at various levels of the economy. It prefers free and competitive market and reduce the role of the state in economic affairs. It refers free trade and the removal of government control over economy, for example external trade, foreign investment, loans and aid, technological progress, etc. Liberalisation advocates the reduction of tax, social security, welfare for the state etc.

उदारीकरण का अर्थ: उदारीकरण का अर्थ अर्थव्यवस्था के विभिन्न स्तरों पर नियमों और विनियमों को हटाने का है। यह मुफ्त और प्रतिस्पर्धी बाजार पसंद करता है और आर्थिक मामलों में राज्य की भूमिका को कम करता है। यह मुक्त व्यापार और अर्थव्यवस्था पर सरकारी नियंत्रण को हटाने का संदर्भ देता है, उदाहरण के लिए बाहरी व्यापार, विदेशी निवेश, ऋण और सहायता, तकनीकी प्रगति इत्यादि। उदारीकरण राज्य के लिए कर, सामाजिक सुरक्षा, कल्याण में कमी की वकालत करता है।

Shift from State to Market

During 1970’s societies faced economic problems due to the high taxation, employment policies, public sector, great state intervention. Politicians were not in favour of welfare state and socialism. These problems led the high wage demand, encourage patriotism etc.

In 1980’s there was shift from state to market in the field of the allocation of resources in large parts of the world. This shift resulted the reduction in taxes and reduction in government expenditure. The multilateral agencies IMF and World Bank pressurise the state to apply the policy of liberalisation.

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