Play Video
1
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional  Decentralization
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional Decentralization
::2011/03/24::
Play Video
2
Economic Liberalization
Economic Liberalization
::2014/01/31::
Play Video
3
Nimish Adhia on Bollywood and India
Nimish Adhia on Bollywood and India's Economic Liberalization
::2010/09/28::
Play Video
4
Liberalisation - CBSE Class 11 Economics - Indian Economy
Liberalisation - CBSE Class 11 Economics - Indian Economy
::2010/12/17::
Play Video
5
Quick summary of Indian economy 1947 - 1991
Quick summary of Indian economy 1947 - 1991
::2013/10/28::
Play Video
6
China
China's and Russia's Economic Liberalization
::2012/11/29::
Play Video
7
Lugar Faculty Scholar Lecture: Which Came First? Democracy or Economic Liberalization
Lugar Faculty Scholar Lecture: Which Came First? Democracy or Economic Liberalization
::2012/02/03::
Play Video
8
Economic Liberalization and the Prospect for Democracy in South East Asia - 3 of 3: Q/A
Economic Liberalization and the Prospect for Democracy in South East Asia - 3 of 3: Q/A
::2012/09/12::
Play Video
9
Economic Liberalization and the Prospect for Democracy in South East Asia - 1 of 3
Economic Liberalization and the Prospect for Democracy in South East Asia - 1 of 3
::2012/09/12::
Play Video
10
Indian Liberalisation of 1991
Indian Liberalisation of 1991
::2012/02/06::
Play Video
11
BJP is not against economic liberalization -- Atul Bhatkhalkar
BJP is not against economic liberalization -- Atul Bhatkhalkar
::2012/11/04::
Play Video
12
Economic Liberalization and the Prospect for Democracy in South East Asia - 2 of 3: Noam Chomsky
Economic Liberalization and the Prospect for Democracy in South East Asia - 2 of 3: Noam Chomsky
::2012/09/12::
Play Video
13
Yide Qiao: Reminbi Liberalization and China
Yide Qiao: Reminbi Liberalization and China's Economic Challenges
::2014/03/23::
Play Video
14
Ethiopian Hailemariam Rejects World Bank
Ethiopian Hailemariam Rejects World Bank's "Economic Liberalism"
::2014/07/24::
Play Video
15
Liberalization and Integration: Southeast Asia’s Economic Prospects
Liberalization and Integration: Southeast Asia’s Economic Prospects
::2014/11/19::
Play Video
16
President focuses on economic liberalization in National Day speech
President focuses on economic liberalization in National Day speech
::2013/10/11::
Play Video
17
CSUSM PSCI 311 China and Russia Economic Liberalization
CSUSM PSCI 311 China and Russia Economic Liberalization
::2010/11/30::
Play Video
18
Book Review | Economic Liberalization And Political Violence: Utopia Or Dystopia?
Book Review | Economic Liberalization And Political Violence: Utopia Or Dystopia?
::2014/12/11::
Play Video
19
Considering Economic and Financial Liberalization
Considering Economic and Financial Liberalization
::2013/04/17::
Play Video
20
Trade Liberalisation and Economic Growth
Trade Liberalisation and Economic Growth
::2014/01/16::
Play Video
21
Cameroon Economy   Liberalization of the national economy
Cameroon Economy Liberalization of the national economy
::2009/03/06::
Play Video
22
The unmet promise of India
The unmet promise of India's liberalization | Plain Facts
::2014/11/09::
Play Video
23
Should China Liberalize Its Economy?
Should China Liberalize Its Economy?
::2013/10/06::
Play Video
24
PRIME TIME NEWS 22:00 President Park calls for liberalization of Korea-ASEAN FTA
PRIME TIME NEWS 22:00 President Park calls for liberalization of Korea-ASEAN FTA
::2014/12/11::
Play Video
25
Davos Annual Meeting 2004 - Revisiting the Economic Case for Globalization
Davos Annual Meeting 2004 - Revisiting the Economic Case for Globalization
::2007/09/06::
Play Video
26
Myanmar 2013 - Myanmar: What Future?
Myanmar 2013 - Myanmar: What Future?
::2013/06/11::
Play Video
27
Liberalization of the Indian Economy
Liberalization of the Indian Economy
::2013/10/23::
Play Video
28
U.S. Policy Toward Trade Liberalization, Sino-American Economic Relations 1969-1976
U.S. Policy Toward Trade Liberalization, Sino-American Economic Relations 1969-1976
::2013/11/13::
Play Video
29
Book Review | China And Asean: Economic And Social Impact Of Liberalization
Book Review | China And Asean: Economic And Social Impact Of Liberalization
::2014/12/11::
Play Video
30
Dr.Subramanian Swamy not Manmohan Singh the real author of Economic Reforms of 1991
Dr.Subramanian Swamy not Manmohan Singh the real author of Economic Reforms of 1991
::2014/07/24::
Play Video
31
UCM - International Economic Organization Liberalization - by Wideo.co
UCM - International Economic Organization Liberalization - by Wideo.co
::2013/12/09::
Play Video
32
China
China's State Capitalism
::2013/01/28::
Play Video
33
The Outsider - Episode 12 - India - Pakistan Relations
The Outsider - Episode 12 - India - Pakistan Relations
::2012/11/20::
Play Video
34
Pres. Park calls for liberalization of Korea-ASEAN FTA   한아세안 CEO 서밋
Pres. Park calls for liberalization of Korea-ASEAN FTA 한아세안 CEO 서밋
::2014/12/11::
Play Video
35
Naomi Klein and Joseph Stiglitz on Economic Power
Naomi Klein and Joseph Stiglitz on Economic Power
::2009/11/18::
Play Video
36
Gov
Gov't to announce liberalization of rice market
::2014/07/17::
Play Video
37
25 Years of Transition: Post-Communist Europe
25 Years of Transition: Post-Communist Europe's Economic Transformation
::2014/12/15::
Play Video
38
Can Poor Peoples
Can Poor Peoples' Incomes Grow: Liberalizing vs....
::2007/07/24::
Play Video
39
Nigeria as an Investment Destination - Part 2
Nigeria as an Investment Destination - Part 2
::2012/06/28::
Play Video
40
UPSC(IAS) Challenges of liberalization, Privatisation, Globalisation (V 1.8)
UPSC(IAS) Challenges of liberalization, Privatisation, Globalisation (V 1.8)
::2014/10/06::
Play Video
41
The economies of the Asian century - Financial liberalization in China
The economies of the Asian century - Financial liberalization in China
::2013/02/19::
Play Video
42
ARIRANG NEWS 20:00 President Park calls for liberalization of Korea-ASEAN FTA
ARIRANG NEWS 20:00 President Park calls for liberalization of Korea-ASEAN FTA
::2014/12/11::
Play Video
43
[KDI] Chin Hee HAHN "Trade Liberalization, Growth, and Bipolarization in Korean Manufacturing"
[KDI] Chin Hee HAHN "Trade Liberalization, Growth, and Bipolarization in Korean Manufacturing"
::2013/09/13::
Play Video
44
Montek Singh Ahluwalia - The Growth Maker (A Biographical Sketch)
Montek Singh Ahluwalia - The Growth Maker (A Biographical Sketch)
::2011/04/08::
Play Video
45
Liberalization, Privatization and Globalization LPG
Liberalization, Privatization and Globalization LPG
::2014/03/01::
Play Video
46
ARIRANG NEWS 16:00 Pres. Park calls for liberalization of Korea-ASEAN FTA
ARIRANG NEWS 16:00 Pres. Park calls for liberalization of Korea-ASEAN FTA
::2014/12/11::
Play Video
47
Trade liberalization
Trade liberalization
::2012/11/05::
Play Video
48
President Park, visiting WTO chief endorse trade liberalization
President Park, visiting WTO chief endorse trade liberalization
::2014/05/16::
Play Video
49
Three Minute Thesis Series - Trade Liberalization and Poverty in Fiji
Three Minute Thesis Series - Trade Liberalization and Poverty in Fiji
::2011/02/16::
Play Video
50
Investigating corruption in India
Investigating corruption in India's growing economy
::2011/11/11::
NEXT >>
RESULTS [51 .. 101]
From Wikipedia, the free encyclopedia
Jump to: navigation, search

Economic liberalization is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities; the doctrine is associated with classical liberalism. Thus, liberalisation in short is "the removal of controls" in order to encourage economic development.[1]

Most first world countries have pursued the path of economic liberalization in recent decades with the stated goal of maintaining or increasing their competitiveness as business environments. Liberalization policies include partial or full privatisation of government institutions and assets, greater labour market flexibility, lower tax rates for businesses, less restriction on both domestic and foreign capital, open markets, etc. In support of liberalization, British Prime Minister Tony Blair wrote that: "Success will go to those companies and countries which are swift to adapt, slow to complain, open and willing to change. The task of modern governments is to ensure that our countries can rise to this challenge."[2]

In developing countries, economic liberalization refers more to liberalization or further "opening up" of their respective economies to foreign capital and investments. Three of the fastest growing developing economies today; Brazil, China, and India, have achieved rapid economic growth in the past several years or decades after they have "liberalized" their economies to foreign capital.[3]

Many countries nowadays, particularly those in the third world, arguably have no choice but to also "liberalize" their economies in order to remain competitive in attracting and retaining both their domestic and foreign investments. This is referred to as the TINA factor, standing for "there is no alternative".

For example, in 1991, India had no choice but to implement economic reforms.[4] Similarly, in the Philippines, the contentious proposals for Charter Change include amending the economically restrictive provisions of their 1987 constitution.[5]

The total opposite of a liberalized economy would be North Korea's economy with their "self-sufficient" economic system that is closed to foreign trade and investment (see autarky). However, North Korea is not completely separate from the global economy, since it receives aid from other countries in exchange for peace and restrictions in their nuclear programme. Another example would be oil-rich countries such as Saudi Arabia and the United Arab Emirates, which see no need to further open up their economies to foreign capital and investments since their oil reserves already provide them with huge export earnings.

The adoption of economic reforms in the first place and then its reversal or sustenance is a function of certain factors, presence or absence of which will determine the outcome. Sharma (2011) explains all such factors. The author's theory is fairly generalizable and is applicable to the developing countries which have implemented economic reforms in the 1990s.[6]

Liberalization of services in the developing world[edit]

Potential benefits[edit]

The service sector is probably the most liberalised of the sectors. Liberalisation offers the opportunity for the sector to compete internationally, contributing to GDP growth and generating foreign exchange. As such, service exports are an important part of many developing countries' growth strategies. India's IT services have become globally competitive as many companies have outsourced certain administrative functions to countries where costs are lower. Furthermore, if service providers in some developing economies are not competitive enough to succeed on world markets, overseas companies will be attracted to invest, bringing with them international best practices and better skills and technologies.[7] The entry of foreign service providers is not necessarily a negative development and can lead to better services for domestic consumers, improve the performance and competitiveness of domestic service providers, as well as simply attract FDI/foreign capital into the country. In fact, some research suggest a 50% cut in service trade barriers over a five- to ten-year period would create global gains in economic welfare of around $250 billion per annum.[7]

Potential risks of trade liberalization[edit]

Yet, trade liberalisation also carries substantial risks that necessitate careful economic management through appropriate regulation by governments. Some argue foreign providers crowd out domestic providers and instead of leading to investment and the transfer of skills, it allow foreign providers and shareholders "to capture the profits for themselves, taking the money out of the country".[7] Thus, it is often argued that protection is needed to allow domestic companies the chance to develop before they are exposed to international competition. Other potential risks resulting from liberalisation, include:[7]

However, researchers at thinks tanks such as the Overseas Development Institute argue the risks are outweighed by the benefits and that what is needed is careful regulation.[7] For instance, there is a risk that private providers will ‘skim off’ the most profitable clients and cease to serve certain unprofitable groups of consumers or geographical areas. Yet such concerns could be addressed through regulation and by a universal service obligations in contracts, or in the licensing, to prevent such a situation from occurring. Of course, this bears the risk that this barrier to entry will dissuade international competitors from entering the market (see Deregulation). Examples of such an approach include South Africa's Financial Sector Charter or Indian nurses who promoted the nursing profession within India itself, which has resulted in a rapid growth in demand for nursing education and a related supply response.[7]

Historical examples[edit]

See also[edit]

References[edit]

Wikipedia content is licensed under the GFDL License
Powered by YouTube
MASHPEDIA
LEGAL
  • Mashpedia © 2014