the.com/liberalization
Governments loosening their grip and calling the resulting mess freedom.
means The process of removing government controls, restrictions, or regulations from an economy, industry, or set of social rules.
from Built from 'liberal' — ultimately from Latin 'liber,' meaning free — plus the suffix '-ize' (to make) and '-ation' (the act of). Latin 'liberalis' originally described what befit a free person, as opposed to a slave; it drifted through senses of generosity and open-mindedness before 'liberal' economics narrowed it to mean 'favoring free trade and minimal state interference.' 'Liberalization' is the 20th-century noun built to describe that favoring put into actual policy — the moment the word stopped being an attitude and became a lever someone pulled.
- classic example
- India 1991, ditched permits, GDP thanked it
- tradeoff
- more competition, fewer safety nets
- not the same as
- deregulation, its reckless younger cousin
- who wins first
- capital, before labor even notices