Difference between Liberalisation Privatisation and Globalisation

Liberalisation:

It refers to the process of relaxation of government restrictions practised so far, particularly in the areas of social and economic policies. Thus we can say that when government attempts to liberalise trade, it removes subsidies and other restrictions on the flow of goods and services between countries.

Privatisation:

It is the process of transfer of assets or service functions from public to private ownership and withdrawal of control over it and allowing the private sector to operate in such areas which were so far closed to them.

Globalisation:

It is a process of integrating the domestic economy with the world economy. In Indian globalization refers to the process of opening up the economy to foreign direct investment by

• Providing requisite facilities.
• Removing administrative and other constraints.
• Allowinng Indian companies to enter into Joint venture and foreign collaborations.
• Encouraging privatisation