Q.

Freeing the economy from all unnecessary controls and regulations is referred to as -

A. Freedom
B. Privatisation
C. Liberalisation
D. Globalisation
Answer» C. Liberalisation
Explanation: Economic liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy in exchange for greater participation of private entities; the doctrine is associated with classical liberalism. The arguments for economic liberalization include greater efficiency and effectiveness that would translate to a "bigger pie" for everybody. Thus, liberalization in short refers to "the removal of controls", to encourage economic development.
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