Liberalisation, Privatisation And Globalisation : An Appraisal

  • Question 1
    CBSEENEC11008828

    When was WTO founded?

    Solution

    The World Trade Organisation was founded in 1995 as the successor organisation to the General Agreement on Tariffs and Trade (GATT).

    Question 2
    CBSEENEC11008829

    What is liberalisation?

    Solution

    An economic policy which gives relaxations to enable entrepreneurs to make their decisions themselves and open freedom to economic activities at all levels is termed as policy of economic liberalisation.

    Question 3
    CBSEENEC11008830

    What is privatisation?

    Solution

    Privatisation may be defined as transfer of ownership and control from the public sector to the private sector.

    Question 4
    CBSEENEC11008831

    What is the meaning of globalisation?

    Solution

    Globalisation means the integration of economies worldwide through trade, financial flows, technology spillovers and information networks. It means the unification or integration of domestic economy with the rest of the world through trade, capital and technology flows.

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