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Globalisation and Social Change — Sociology STD 12 Humanities — Question

CBSE BoardEnglish MediumSTD 12 HumanitiesSociologyGlobalisation and Social Change6 Marks
Question
Explain the economic policy of Liberalisation.
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Answer

Liberalisation is the process whereby state control over economic activities are minimised or relaxed and left to the market forces to decide. In general, it is a process of making laws more liberal and loosening of government rules and regulations.
  1. The process of liberalisation includes relaxation or removal of economic controls, privatisation of Industries and removing government controls over wages and prices.
  2. The overall impact of liberalisation has been mixed. Many people think that liberalisation and globalisation had, or will have negative impact on the Indian economy.
  3. In this way, the costs and disadvantages and benefits. For example, the access to a global market may benefit the sectors of software, information technology, agriculture (fish or fruit), however, other sectors like automobiles, electronics or oilseeds will suffer as they cannot complete with foreign producers.

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