Read the given passage carefully and answer the next five questions.

In many ways it was a major political change, namely, the collapse of the erstwhile socialist world that hastened globalisation and also gave a specific economic and political approach to the economic policies that underpin globalisation. These changes are often termed as neo-liberal economic measures. We have already seen what concrete steps the liberalisation policy took in India. Broadly, these policies reflect a political vision of free enterprise which believes that a free reign to market forces will be both efficient and fair. It is, therefore, critical of both State regulation and State subsidies. The existing process of Globalisation in this sense does have a political vision as much as an economic vision.

What major political change is highlighted in the passage?

Collapse of Socialist State

The correct answer is Option (3) - Collapse of Socialist State

The passage highlights the collapse of the erstwhile socialist world as the major political change that hastened globalization and influenced the economic policies associated with it.