Challenges of Liberalization, Privatization, Globalization

Introduction

There is a famous quote by Aristotle, “Man is by nature a social animal”. Interactions among people are prerequisite for a society. Phenomenon when these interactions are liberated from the dictates of state and spread across the boundaries all over the world is also known as Liberalization, Privatization and Globalization. Although these terns were initially associated with economy, they have impact in other areas as well. Liberalization is to make the liberal policies and rules to allow market forces to prevail. Privatization is to open different market segments which were initially restricted for only public sector only to private sectors also. Globalization is to allow flow of goods and services between two nations with minimal restraint.