Liberalisation, Privatisation And Globalisation : An Appraisal

Question 1
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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
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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
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What is privatisation?

Solution

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

Question 4
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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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