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?

State-regulated capitalism and the constitution focused on people's welfare. Traditional Hindu society with Dharmic norms A progressive society with emphasis on privatization. A society which was market oriented.

State-regulated capitalism and the constitution focused on people's welfare.

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