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What do the liberalization policies show?

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It was the liberalization policy started in India at the end of the 1980s that led to globalization here. The policy included selling public (government) companies to private organizations, removing control over capital and labour market, reduction of customs and duties on imported goods, allowing foreign companies to start industries in India, etc.

The policy of liberalization is often called marketization. It is solving social, political and economic problems using markets. This includes reducing and removing economic controls, privatizing industries, removing governmental control over prices and wages, etc.

The proponents of marketization believe that it will hasten economic growth and prosperity. It is seen that private industries are far more efficient than public or government industries.

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