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Liberalisation उदारीकरण Privatisation निजीकरण & Globalisation वैश्वीकरण - Indian Economy
Liberalisation उदारीकरण Privatisation निजीकरण & Globalisation वैश्वीकरण - Indian Economy
Published: 2017/04/08
Channel: Study IQ education
What is Liberalisation, Privatisation and Disinvestment | Economics Reforms | CA CPT | CS & CMA
What is Liberalisation, Privatisation and Disinvestment | Economics Reforms | CA CPT | CS & CMA
Published: 2015/11/22
Channel: Mera Skill
25 years of economic liberalisation: Is India better off?
25 years of economic liberalisation: Is India better off?
Published: 2016/07/23
Channel: NDTV
Considering Economic and Financial Liberalization
Considering Economic and Financial Liberalization
Published: 2013/04/17
Channel: Asia Global Institute
25 years of economic reform: Know all about 1991 Indian economic crisis
25 years of economic reform: Know all about 1991 Indian economic crisis
Published: 2016/07/25
Channel: ABP NEWS
DNA: Analysing the Economic Liberalization of 1991
DNA: Analysing the Economic Liberalization of 1991
Published: 2016/08/11
Channel: Zee News
The Big Picture - 25 years of economic liberalisation: Where are we?
The Big Picture - 25 years of economic liberalisation: Where are we?
Published: 2016/07/27
Channel: Rajya Sabha TV
Globalization and Trade and Poverty: Crash Course Economics #16
Globalization and Trade and Poverty: Crash Course Economics #16
Published: 2015/11/27
Channel: CrashCourse
Quick summary of Indian economy 1947 - 1991
Quick summary of Indian economy 1947 - 1991
Published: 2013/10/28
Channel: Guruprasad Gp
International Trade and Economic Development Series:  Trade Liberalization
International Trade and Economic Development Series: Trade Liberalization
Published: 2016/03/10
Channel: Brad Cartwright Economics
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
Published: 2012/09/12
Channel: argusfest
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
Published: 2012/09/12
Channel: argusfest
What Is Economic Liberalization?
What Is Economic Liberalization?
Published: 2017/09/09
Channel: Funny Question
Liberalization, Privatization and Globalization LPG
Liberalization, Privatization and Globalization LPG
Published: 2014/03/01
Channel: 3gvideo
25 Years Of Liberalisation In India
25 Years Of Liberalisation In India
Published: 2016/07/24
Channel: India Today
Indian LPG and economic reforms - PT
Indian LPG and economic reforms - PT's Knowledge Booster 2014-15 - Session 6 (15 min excerpt)
Published: 2014/07/18
Channel: PT education HQ
ML16/Rao forGS3: Rao’s Economic Reforms, Impact of Liberalization & industrial Policy
ML16/Rao forGS3: Rao’s Economic Reforms, Impact of Liberalization & industrial Policy
Published: 2016/11/10
Channel: Mrunal Patel
Liberalization, privatization, globalization and disinvestment (ECO)
Liberalization, privatization, globalization and disinvestment (ECO)
Published: 2015/11/17
Channel: Vidya-mitra
Economics - Liberalisation, Privatisation & Globalisation | LPG | Macro Economics CA-CPT | Jatin
Economics - Liberalisation, Privatisation & Globalisation | LPG | Macro Economics CA-CPT | Jatin
Published: 2017/06/01
Channel: Kinshuk Institute
Trade Liberalisation and Economic Growth
Trade Liberalisation and Economic Growth
Published: 2014/01/16
Channel: talkboard.com.au
Economic Liberalization, Distribution and Poverty  Latin America in the 1990s
Economic Liberalization, Distribution and Poverty Latin America in the 1990s
Published: 2017/03/23
Channel: Muhana Kaila
China
China's and Russia's Economic Liberalization
Published: 2012/11/30
Channel: Alfredo Sanchez
Economic Reforms in India - Globalization CA CPT Video Lecture
Economic Reforms in India - Globalization CA CPT Video Lecture
Published: 2014/06/06
Channel: iProfIndia
Economics Chapter 3 | Part 2 | Liberalization, Privatization and Globalization - Sector Reforms
Economics Chapter 3 | Part 2 | Liberalization, Privatization and Globalization - Sector Reforms
Published: 2016/11/11
Channel: Edupedia World
Dan Mitchell Urging Economic Liberalization rather than Cronyism in China
Dan Mitchell Urging Economic Liberalization rather than Cronyism in China
Published: 2015/08/28
Channel: Dan Mitchell
Economics Chapter 3 | Part 1 | Liberalization, Privitization and Globalisation
Economics Chapter 3 | Part 1 | Liberalization, Privitization and Globalisation
Published: 2016/11/08
Channel: Edupedia World
Lugar Faculty Scholar Lecture: Which Came First? Democracy or Economic Liberalization
Lugar Faculty Scholar Lecture: Which Came First? Democracy or Economic Liberalization
Published: 2012/02/03
Channel: ipfwhelmkelibrary
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional  Decentralization
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional Decentralization
Published: 2011/12/28
Channel: pincus1974
CBSE Class 11 Economics | Liberalization, Privatization, Globalization | LPG
CBSE Class 11 Economics | Liberalization, Privatization, Globalization | LPG
Published: 2017/08/17
Channel: takshila learn
Yide Qiao: Reminbi Liberalization and China
Yide Qiao: Reminbi Liberalization and China's Economic Challenges
Published: 2014/03/23
Channel: New Economic Thinking
Economic Reforms - Liberalisation (COM)
Economic Reforms - Liberalisation (COM)
Published: 2016/08/18
Channel: Vidya-mitra
Murad Akhmedoff, "Uzbekistan’s Long-Awaited Economic Liberalization"
Murad Akhmedoff, "Uzbekistan’s Long-Awaited Economic Liberalization"
Published: 2016/11/02
Channel: Central Asia Program
Nimish Adhia on Bollywood and India
Nimish Adhia on Bollywood and India's Economic Liberalization
Published: 2010/09/28
Channel: CEE Video Channel
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
Published: 2012/09/12
Channel: argusfest
Flashback: 25 Years of Economic Reforms in India
Flashback: 25 Years of Economic Reforms in India
Published: 2016/08/31
Channel: The Hindu BusinessLine
Difference between rich and poor created due to 1991 economic Liberalization: Watch
Difference between rich and poor created due to 1991 economic Liberalization: Watch
Published: 2017/01/19
Channel: ABP ANANDA
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
Published: 2014/07/24
Channel: vishnu99s
Economic Liberalization
Economic Liberalization
Published: 2014/01/31
Channel: Krishnan Autencio
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional  Decentralization
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional Decentralization
Published: 2011/03/24
Channel: OrionPD
Economic Liberalization and Integration in East Asia A Post Crisis Paradigm
Economic Liberalization and Integration in East Asia A Post Crisis Paradigm
Published: 2016/12/15
Channel: kalei
Economic Liberalization and Integration in East Asia A Post Crisis Paradigm
Economic Liberalization and Integration in East Asia A Post Crisis Paradigm
Published: 2016/12/15
Channel: dakari
UPSC(IAS) Challenges of liberalization, Privatisation, Globalisation (V 1.8)
UPSC(IAS) Challenges of liberalization, Privatisation, Globalisation (V 1.8)
Published: 2014/10/06
Channel: IASPreparationMadeEasy
CSUSM PSCI 311 China and Russia Economic Liberalization
CSUSM PSCI 311 China and Russia Economic Liberalization
Published: 2010/11/30
Channel: ajcrane420
Economics Chapter 3 | Part 3 | Liberalization, Privitization and Globalisation - Privitization
Economics Chapter 3 | Part 3 | Liberalization, Privitization and Globalisation - Privitization
Published: 2016/12/15
Channel: Edupedia World
President focuses on economic liberalization in National Day speech
President focuses on economic liberalization in National Day speech
Published: 2013/10/11
Channel: Formosa EnglishNews
Financial Markets & the Effects of Liberalization 1
Financial Markets & the Effects of Liberalization 1
Published: 2015/03/13
Channel: Understand Economics @Berkeley
Cameroon Economy   Liberalization of the national economy
Cameroon Economy Liberalization of the national economy
Published: 2009/03/07
Channel: cameroonhighcom
Liberalization of the Indian Economy
Liberalization of the Indian Economy
Published: 2013/10/23
Channel: vishrut bubna
FM Arun Jaitley raised questions on Narsimha Rao
FM Arun Jaitley raised questions on Narsimha Rao's economic liberalization
Published: 2016/08/20
Channel: ZeeBusiness
Economics Chapter 3 | Part 5 | Liberalization, Privitization and Globalisation - WTO
Economics Chapter 3 | Part 5 | Liberalization, Privitization and Globalisation - WTO
Published: 2016/12/31
Channel: Edupedia World
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WIKIPEDIA ARTICLE

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Economic liberalization (or economic liberalisation) 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, liberalization in short is "the removal of controls" in order to encourage economic development.[1] It is also closely associated with neoliberalism.

Most high-income 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, ex 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, in part, from having "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 liberalized of the sectors. Liberalization 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]

Trade liberalisation 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. This is also supported by the anthropologist Trouillot who argues that the current market system is not a free market at all, but instead a privatized market (IE, markets can be 'bought'). Other potential risks resulting from liberalisation, include:

  • Risks of financial sector instability resulting from global contagion [7]
  • Risk of brain drain [7]
  • Risk of environmental degradation [7]
  • Risk of a debt spiral due to decreased tax revenue among other economic problems (oftentimes linked to IMF restructuring though the state government in Kansas is currently encountering this issue).[8]
  • Risk of increased inequality across race, ethnicity, or gender lines. For example, according to the anthropologist Lilu Abu-Lughod we see increased gender inequality in new markets as women lose labor opportunities that existed prior to market liberalization.

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]

Examples[edit]

Historical examples[edit]

See also[edit]

References[edit]

  1. ^ Chaudhary, C. M. India's economic policies. sublime publications. p. 131. ISBN 978-81-8192-121-5. 
  2. ^ Tony Blair (2005). "Europe is Falling Behind". Newsweek. Retrieved 2007-12-04. 
  3. ^ Zuliu Hu, Mohsin S. Khan. "Why Is China Growing So Fast?". International Monetary Fund. 
  4. ^ For detailed account of reforms before and after 1991 in India see Sharma, Chanchal Kumar, "A Discursive Dominance Theory of Economic Reform Sustainability: The Case of India", India Review, Vol. 10, No. 2, 2011.
  5. ^ "Philippines : Gov.Ph : About the Philippines" (ASP). 
  6. ^ Kumar Sharma, Chanchal (2011). "A Discursive Dominance Theory of Economic Reform Sustainability: The Case of India". India Review. 10: 126–184. doi:10.1080/14736489.2011.574550. 
  7. ^ a b c d e f g h Massimiliano Cali, Karen Ellis and Dirk Willem te Velde (2008) The contribution of services to development: The role of regulation and trade liberalisation London: Overseas Development Institute
  8. ^ https://news.yahoo.com/kansas-tax-collections-47m-short-expectations-january-222746060.html

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