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The term liberalization refers to gradually reducing government role and intervention in the economy in exchange for greater participation and role of private sector (invisible hand). It is about redefining the role of government as a regulator, catalyzer and facilitator in an economy. It frees space for wider private initiatives in economic activities acknowledging private sector as an impactful engine of economic development.
Liberalization can be summarized as belows:
- Reducing government role and intervention in an economy.
- Adopting greater flexibility in the market.
- Freedom for private initiatives in market based on interaction of demand and supply.
Liberalization can be classified into following three sub headings:
- Trade Liberalization
- Market Liberalization
- Labour liberalization
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