Friday, September 4, 2009

What is the difference between Liberlisation, globalization and privatization?

Liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. Liberalization of autocratic regimes may precede democratizationMost often, the term is used to refer to economic liberalization, especially trade liberalization or capital market liberalization.
Privatization (alternately "denationalization" or "disinvestment") is the transfer of property or responsibility from the public sector (government) to the private sector (business).The term can refer to partial or complete transfer of any property or responsibility held by government. A similar transfer in the opposite direction could be referred to the nationalization or municipalization of some property or responsibility. The term was coined in 1936 in a chronicle published in The Economist. It is thought to have been popularized by The Economist during the 1980s.
Globalization: The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets.Globalization is an umbrella term for a complex series of economic, social, technological, cultural and political changes seen as increasing interdependence, integration and interaction among people and companies in disparate locations. As a term 'globalization' has been used as early as 1944 but economists first began applying it around 1981. Theodore Levitt is usually credited with its coining through the article he wrote in 1983 for the Harvard Business Review entitled "Globalization of markets". The more encompassing phenomenon has been perceived in the context of sociological study on a worldwide scale.

3 comments:

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