Economic Liberalization

Definition

Economic liberalization refers to lessening government regulations and restrictions in an economy in exchange for greater participation by private entities; it's essentially moving towards a more free market system.

Related terms

Privatization: The transfer of ownership, property or business from the government to the private sector.

Deregulation: The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.

Free Market: An economic system in which prices are determined by unrestricted competition between privately owned businesses.