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
Select a basic feature of the neoliberal economy from the following statements.
Answer & explanation
Correct answer: option 2
Globalization and neoliberal economic policies are 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.