1
Quick summary of Indian economy 1947 - 1991
Quick summary of Indian economy 1947 - 1991
DATE: 2013/10/28::
2
Economic Liberalization
Economic Liberalization
DATE: 2014/01/31::
3
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional  Decentralization
GNN Feb3, Part II -- CoRRECT™ - Economic Liberalization & Regional Decentralization
DATE: 2011/03/24::
4
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
DATE: 2012/09/12::
5
Nimish Adhia on Bollywood and India
Nimish Adhia on Bollywood and India's Economic Liberalization
DATE: 2010/09/28::
6
Yide Qiao: Reminbi Liberalization and China
Yide Qiao: Reminbi Liberalization and China's Economic Challenges
DATE: 2014/03/23::
7
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
DATE: 2012/09/12::
8
China
China's and Russia's Economic Liberalization
DATE: 2012/11/29::
9
Indian Liberalisation of 1991
Indian Liberalisation of 1991
DATE: 2012/02/06::
10
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
DATE: 2012/09/12::
11
BJP is not against economic liberalization -- Atul Bhatkhalkar
BJP is not against economic liberalization -- Atul Bhatkhalkar
DATE: 2012/11/04::
12
Lugar Faculty Scholar Lecture: Which Came First? Democracy or Economic Liberalization
Lugar Faculty Scholar Lecture: Which Came First? Democracy or Economic Liberalization
DATE: 2012/02/03::
13
Ethiopian Hailemariam Rejects World Bank
Ethiopian Hailemariam Rejects World Bank's "Economic Liberalism"
DATE: 2014/07/24::
14
CSUSM PSCI 311 China and Russia Economic Liberalization
CSUSM PSCI 311 China and Russia Economic Liberalization
DATE: 2010/11/30::
15
Considering Economic and Financial Liberalization
Considering Economic and Financial Liberalization
DATE: 2013/04/17::
16
President focuses on economic liberalization in National Day speech
President focuses on economic liberalization in National Day speech
DATE: 2013/10/11::
17
Trade Liberalisation and Economic Growth
Trade Liberalisation and Economic Growth
DATE: 2014/01/16::
18
Liberalization and Integration: Southeast Asia’s Economic Prospects
Liberalization and Integration: Southeast Asia’s Economic Prospects
DATE: 2014/11/19::
19
Synopsis | Economic Liberalization, Democratization And Civil Society In The Developing Wor
Synopsis | Economic Liberalization, Democratization And Civil Society In The Developing Wor
DATE: 2015/03/11::
20
Synopsis | Political And Economic Liberalization By Thomas  Piketty
Synopsis | Political And Economic Liberalization By Thomas Piketty
DATE: 2015/03/31::
21
Economic Crisis in India, 1991
Economic Crisis in India, 1991
DATE: 2012/09/04::
22
Cameroon Economy   Liberalization of the national economy
Cameroon Economy Liberalization of the national economy
DATE: 2009/03/06::
23
U.S. Policy Toward Trade Liberalization, Sino-American Economic Relations 1969-1976
U.S. Policy Toward Trade Liberalization, Sino-American Economic Relations 1969-1976
DATE: 2013/11/13::
24
The unmet promise of India
The unmet promise of India's liberalization | Plain Facts
DATE: 2014/11/09::
25
Myanmar 2013 - Myanmar: What Future?
Myanmar 2013 - Myanmar: What Future?
DATE: 2013/06/11::
26
Liberalization of the Indian Economy
Liberalization of the Indian Economy
DATE: 2013/10/23::
27
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
DATE: 2014/12/11::
28
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
DATE: 2014/07/24::
29
Socialist China
Socialist China's Billionaire Playboys
DATE: 2013/01/28::
30
Should China Liberalize Its Economy?
Should China Liberalize Its Economy?
DATE: 2013/10/06::
31
The Outsider - Episode 12 - India - Pakistan Relations
The Outsider - Episode 12 - India - Pakistan Relations
DATE: 2012/11/20::
32
01 Liberalization and Economic Policies
01 Liberalization and Economic Policies
DATE: 2015/04/01::
33
Naomi Klein and Joseph Stiglitz on Economic Power
Naomi Klein and Joseph Stiglitz on Economic Power
DATE: 2009/11/18::
34
Japan
Japan's Trade Liberalization - Pro Growth or Rising Inequality (NHK)
DATE: 2013/09/16::
35
Gov
Gov't to announce liberalization of rice market
DATE: 2014/07/17::
36
How Does China Affect the Global Economy? Henry Paulson
How Does China Affect the Global Economy? Henry Paulson's Economic Forecast (2014)
DATE: 2014/12/26::
37
Davos Annual Meeting 2004 - Revisiting the Economic Case for Globalization
Davos Annual Meeting 2004 - Revisiting the Economic Case for Globalization
DATE: 2007/09/06::
38
The economies of the Asian century - Financial liberalization in China
The economies of the Asian century - Financial liberalization in China
DATE: 2013/02/19::
39
UPSC(IAS) Challenges of liberalization, Privatisation, Globalisation (V 1.8)
UPSC(IAS) Challenges of liberalization, Privatisation, Globalisation (V 1.8)
DATE: 2014/10/06::
40
Jeffrey Drope: The Complex Intersection of Tobacco Control and Trade Liberalization
Jeffrey Drope: The Complex Intersection of Tobacco Control and Trade Liberalization
DATE: 2013/06/26::
41
NewsX Exclusive: Continuous live coverage on Mission 10% budget
NewsX Exclusive: Continuous live coverage on Mission 10% budget
DATE: 2015/02/28::
42
George B. N. Ayittey |  The New Path for Africa: Establishing Free-Market Societies
George B. N. Ayittey | The New Path for Africa: Establishing Free-Market Societies
DATE: 2015/01/20::
43
Nigeria as an Investment Destination - Part 2
Nigeria as an Investment Destination - Part 2
DATE: 2012/06/28::
44
Continuous live coverage of Union Budget 2015 on India News
Continuous live coverage of Union Budget 2015 on India News
DATE: 2015/02/28::
45
Global Economics - Global Capital Market: Risks and Rewards
Global Economics - Global Capital Market: Risks and Rewards
DATE: 2007/08/22::
46
Synopsis | Impact Of Financial Market Liberalization On The Ethiopian Economy
Synopsis | Impact Of Financial Market Liberalization On The Ethiopian Economy
DATE: 2015/03/10::
47
Arun Jaitley faces tough challenge in
Arun Jaitley faces tough challenge in 'make-or-break' budget; Sensex eyed
DATE: 2015/02/27::
48
25 Years of Transition: Post-Communist Europe
25 Years of Transition: Post-Communist Europe's Economic Transformation
DATE: 2014/12/15::
49
[KDI] Chin Hee HAHN "Trade Liberalization, Growth, and Bipolarization in Korean Manufacturing"
[KDI] Chin Hee HAHN "Trade Liberalization, Growth, and Bipolarization in Korean Manufacturing"
DATE: 2013/09/13::
50
Financial Markets & the Effects of Liberalization 1
Financial Markets & the Effects of Liberalization 1
DATE: 2015/03/13::
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RESULTS [51 .. 101]
From Wikipedia, the free encyclopedia
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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] It is also closely associated with neoliberalism.

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, 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 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]

Initially economic liberalization was abandoned due to the fact that it helped create the economic depression. The economist

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. 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]

Historical examples[edit]

See also[edit]

References[edit]

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