chapter 6 contemporary issue

 Globalization, privatization, liberalization, and

deregulation
 Globalization: Globalization refers to the increasing
interconnectedness and interdependence of countries,
economies, cultures, and societies worldwide. It involves
the free flow of goods, services, capital, information, and
ideas across national borders. Globalization has been
facilitated by advancements in technology, transportation,
and communication, and it has led to increased
international trade, investment, cultural exchange, and
global integration.

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 Privatization: Privatization is the transfer of ownership,

control, or management of public assets or services from
the government to private entities. It involves converting
state-owned enterprises or public institutions into
privately owned and operated entities. Privatization aims
to increase efficiency, competition, and innovation in
sectors that were previously controlled by the
government.
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 Liberalization: Liberalization refers to the removal or

reduction of restrictions, regulations, or barriers in
economic and trade policies. It involves opening up
markets to competition, reducing government intervention,
and promoting free market principles. Liberalization
policies often include measures such as reducing trade
barriers, deregulating industries, promoting foreign
investment, and allowing market forces to determine prices
and allocation of resources. 3
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 Deregulation: Deregulation is a specific form of

liberalization that involves reducing or eliminating
government regulations and controls in specific industries
or sectors. Deregulation aims to promote competition,
innovation, and market efficiency by removing
restrictions on entry, pricing, and operations. It often
occurs in industries such as telecommunications,
transportation, energy, and finance.
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Thank you