liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital.

What did liberalisation mean?

Liberalization refers to laws or rules being liberalized, or relaxed, by a government. ... Liberalization came to the English language in 1835, from the word liberal. Literally translated, it means the act of making more liberal, or freer.

What is the meaning of liberalization in economics?

In the context of economic policy, liberalization refers to lessening of government regulations and restrictions for greater participation by private entities. It is a process to removing controls systems in order to encourage economic development.