Economic liberalization

Economic liberalization means making rules that allow people to do more things with their money, goods, and businesses. Just like you know how you have rules in your home, school, and playground, the government also has rules that control how money is used in our country.

Now, when a government decides to liberalize its economy, it means that it is making it easier for people to buy, sell and trade. The government wants people to be able to make more money and create new businesses, so it removes some of the restrictions on them.

Think of it like this: imagine you and your friends are playing a game and you can only use four cards. But then, someone says you can use six cards, and you get a chance to win more points. That’s what economic liberalization is all about ‒ the government is giving people more cards (more freedom) to make more money and get more out of their businesses.

This can lead to new and improved services, more jobs, and more opportunities for growth. However, some people may not agree with these changes, and that is why there is a lot of debate about whether economic liberalization is always the best thing for a country.