Match List-I with List-II
| List-I (Concept) | List-II (Explanation) | ||
| (A) | Globalisation | (I) | It includes a range of policies, such as the privatisation of public sector enterprises, loosening of government regulations on capital, labour, and trade; a reduction in tariffs and import duties so that foreign goods can be imported more easily. |
| (B) | Liberalisation | (II) | Use of markets or market-based processes (rather than government regulations or policies) to solve social, political, or economic problems. |
| (C) | Marketisation | (III) | Things that were earlier not traded in the market become commodities. |
| (D) | Commodification | (IV) | A period in which the world is becoming increasingly interconnected-not only economically, but also culturally and politically |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
(A) Globalisation — this matches (IV) A period in which the world is becoming increasingly interconnected-not only economically, but also culturally and politically. It includes the growing international movement of commodities, money, information and people.
(B) Liberalisation — this matches (I) It includes a range of policies, such as the privatisation of public sector enterprises, loosening of government regulations on capital, labour, and trade; a reduction in tariffs and import duties so that foreign goods can be imported more easily. It is the change in economic policy India began in the late 1980s, away from state-led development.
(C) Marketisation — this matches (II) Use of markets or market-based processes (rather than government regulations or policies) to solve social, political, or economic problems. Its steps are deregulation, privatisation and removing government controls over wages and prices.
(D) Commodification — this matches (III) Things that were earlier not traded in the market become commodities. For instance, labour or skills become things that can be bought and sold.
NCERT (2025-26): “4.3 Globalisation – Interlinking of Local, Regional, National and International Markets … Since the late 1980s, India has entered a new era in its economic history, following the change in economic policy from one of state-led development to liberalisation. This shift also ushered in the era of globalisation, a period in which the world is becoming increasingly interconnected — not only economically but also culturally and politically.…” “Debate on Liberalisation – Market Versus State … The globalisation of the Indian economy has been due primarily to the policy of liberalisation that was started in the late 1980s. Liberalisation includes a range of policies such as the privatisation of public sector enterprises (selling government-owned companies to private companies); loosening of government regulations on capital, labour, and trade; a reduction in tariffs and import duties so that foreign goods can be imported more easily; and allowing easier access for foreign companies to set up industries in India. Another word for such changes is marketisation, or the use of markets or market-based processes (rather than government regulations or policies) to solve social, political, or economic problems. These include relaxation or removal of economic controls (deregulation), privatisation of industries, and removing government controls over wages and prices.…” “Commoditisation and Consumption … Commodification occurs when things that were earlier not traded in the market become commodities. For instance, labour or skills become things that can be bought and sold.…” |