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 neoliberal 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
Liberalisation came up with ideas of free-market reign in India. What did it replace?
Answer & explanation
Correct answer: option 1
The state before globalization believed
that the market alone would not be able to look after all the welfare of the
people, particularly its disadvantaged sections. It felt that the state had an
important role to play in the welfare of the people. Y