Privatisation, as a concept dating back to Adam Smith in 1762, involves the shift of functions, activities, or organizations from the public sector to the private sector. This signifies a cultural shift towards marketization, competition, and efficiency in economic decision-making. The primary objectives of privatisation are twofold. Firstly, it aims to enhance government financial composition […]
3.3.1 Definition of Liberalization Liberalization entails the removal of unnecessary governmental controls and restrictions, including permits, licenses, protective duties, quotas, and more. Prior to 1991, the government imposed various regulations in several ways, including: (a) Industrial Licensing: Entrepreneurs were required to obtain government permission to establish a new firm, expand an existing one, or introduce
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