what do you understand by economic liberalization?
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Economic liberalization (or economic liberalisation) 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.
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According to Haller (2012) , economic growth is the process of increasing the sizes of national economies, the macro-economic indications, especially the GDP per capita, in an ascendant but not necessarily linear direction, with positive effects on the economic-social sector, while development shows us how growth ...
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Economic liberalism is associated with free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders such as socialism and planned economies.
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['What goods/services should be produced?', 'How should they be produced?', 'Who consumes these?']
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['Economic Growth.', 'Economic Equity and Social Justice.', 'Full Employment.', 'Economic Self-Reliance.', 'Modernisation.']
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Trade liberalization is the removal or reduction of restrictions or barriers on the free exchange of goods between nations. These barriers include tariffs, such as duties and surcharges, and nontariff barriers, such as licensing rules and quotas.
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Supply-side economics holds that increasing the supply of goods translates to economic growth for a country. In supply-side fiscal policy, practitioners often focus on cutting taxes, lowering borrowing rates, and deregulating industries to foster increased production.
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Laissez-faire economics is a theory that restricts government intervention in the economy. It holds that the economy is strongest when all the government does is protect individuals' rights.
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The government can play a major role in making globalisation fair: (i) By making policies that protect the interests not only of the rich and the powerful but of all the people in the country. (ii) It can ensure that labour laws are properly implemented and the workers get their rights.
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Free trade is meant to eliminate unfair barriers to global commerce and raise the economy in developed and developing nations alike. But free trade can – and has – produced many negative effects, in particular deplorable working conditions, job loss, economic damage to some countries, and environmental damage globally.
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['Monetary policy.', 'Fiscal policy.', 'Supply-side policies.', 'Microeconomic policies – tax, subsidies, price controls, housing market, regulation of monopolies.', 'Labour market policies.', 'Tariff/trade policies.']
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Evidence suggests that globalisation has a positive effect on the country's economic growth and employment. In particular, trade openness and foreign portfolio flows have contributed to higher per capita GDP growth in the Philippines, following the implementation of FX liberalisation reforms.
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['Stable prices (low inflation)', 'Steady and sustained economic growth.', 'Low unemployment or full employment.', 'A balanced balance of payments.']
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Trade liberalization removes or reduces barriers to trade among countries, such as tariffs and quotas. Having fewer barriers to trade reduces the cost of goods sold in importing countries. Trade liberalization can benefit stronger economies but put weaker ones at a greater disadvantage.
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Economic growth is driven oftentimes by consumer spending and business investment. Tax cuts and rebates are used to return money to consumers and boost spending. Deregulation relaxes the rules imposed on businesses and have been credited with creating growth but can lead to excessive risk-taking.
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['(i) Elimination of Uncertainty and Risk:', '(ii) Speculation Deterred:', '(iii) Prevention of Depreciation of Currency:', '(iv) Adoption of Responsible Macroeconomic Policies:', '(v) Attraction of Foreign Investment:', '(vi) Anti-inflationary:', '(i) Speculation Encouraged:', '(ii) Adequacy of Foreign Exchange Reserves:']
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['Globalization creates jobs. Economic liberalization has made it easier for companies to relocate, allowing them to rapidly scale up and create new jobs. ... ', 'Globalization improves productivity. ... ', 'Globalization has lowered prices. ... ', 'Globalization promotes peace. ... ', 'Globalization has improved access to technology.']