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liberalisation |
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The liberalisation of trade rules has seen a concomitant relaxation in the minutiae of professional regulations designed to protect home markets--or in the case of the US, individual state markets. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. The book rightly opines that "import liberalisation has probably worsened India's balance of trade - not unexpected given the direct link between liberalisation and imports, and the indirect uncertain link between liberalisation and exports. |
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