Globalisation Globalization as many of you have heard is the greater integrationamong countries and economies for trade, economic, social, andpolitical benefits. Globalizati
…on in trade is also called 'oneglobal market place' where a consumer does not have to restricttheir purchases to one country/economy and can enjoy the benefitsof the goods and services produced worldwide. For example, Macy isa popular department store in the United States, but does not haveoutlets in many Asian countries. Many years ago beforeglobalization, an Asian consumer would not be able to purchaseMacy's products, however, nowadays due to globalization, anycustomer, in any part of the world, can purchase Macy's productsand have them delivered to their doorstep by making transactionsonline. Liberalisation Liberalization, though similar to globalization, is more focused onthe local economy. Liberalization generally refers to the removalof restrictions; usually government rules and regulations imposedon social, economic, or political matters. Liberalization maybetrade, social, economic, or capital market related. Socialliberalization, for example, maybe related to things like makingabortion related laws less stringent. Trade liberalization maybewith regard to reducing restrictions on imports or exports andfacilitating free trade. DIFFERENCE B/W THEM Globalization and liberalization are concepts that are closelyrelated to one another. A country usually experiencesliberalization of its economic and other policies, which is lateron followed by globalization. There are, however, many differencesbetween the two. Liberalization generally relates to activitywithin a certain country as a result of modernization anddevelopment. Globalization relates to activities among countriesand results in interdependence and interaction among countries andfacilitates the movement of goods and services, capital,individuals, knowledge, technology. (MORE) 