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What is the meaning of liberalisation , privatisation, globalisation and modernisation

Tags: education, science, politics & government
Asked by student address, 21 Aug '09 03:20 pm
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Answers (1)


1) Liberalization (or liberalisation) refers to a relaxation of previous government restrictions, usually in areas of social or economic policy.
2) Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector (government) to the private sector (business).
3) Globalization (or globalisation) describes an ongoing process by which regional economies, societies and cultures have become integrated through globe-spanning networks of exchange. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology.
4) Modernization is a concept of sociology, politics and culture. It is the view that a standard, teleological evolutionary pattern, as described in the social evolutionism theories, exists as a template for all nations and people ...more
Answered by Abhijeet Chavan, 21 Aug '09 03:34 pm

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