Liberalization is a relaxation government restrictions in areas of social, political and economic policy. Privatization is the outsourcing of government services or functions to private firms, such as revenue collection, law enforcement, and prison management.

Liberalization denotes bureaucratic simplification, delicensing, privatisation and autonomy. Liberalization involves freeing prices, trade and entry from state controls. Liberalisation means all the things that liberal politicians are opposed to.

Merits of liberalization: It can lead to increased competition, innovation, and efficiency in industries, stimulate economic growth, attract foreign investment, and create more opportunities for consumers.

Demerits of liberalization: It can result in job losses in certain sectors, widening income inequality, exploitation of labor, environmental degradation, and vulnerability to global economic shocks due to increased interconnectedness.

what are the advantages and disadvantages io liberalization

Liberalization is a political trend in which classical liberal policies are adopted, such policies are privatization of public industries. Conservatives and American Libertarians tend to support Economic Liberalization, while Modern Liberals tend to support the opposite: Nationalization of industries.