Economic liberalization is a broad term that usually refers to fewer government regulations and restrictions in the economy in exchange for greater participation of private entities; the doctrine is associated with
neoliberalism. The arguments for economic liberalization include greater efficiency and effectiveness that would translate to a "bigger pie" for everybody. Most first world countries, in order to remain globally competitive, have pursued the path of economic liberalization: partial or full privatisation of government institutions and assets, greater labour-market flexibility, lower tax rates for businesses, less restriction on both domestic and foreign capital, open markets, etc. British Prime Minister Tony Blairwrote that: "Success will go to those companies and countries which are swift to adapt, slow to complain, open and willing to change. The task of modern governments is to ensure that our countries can rise to this challenge." [cite web |url=http://findarticles.com/p/articles/mi_kmnew/is_200511/ai_n16073679 |title= Europe is Falling Behind |author= Tony Blair|accessdate=2007-12-04 |format= HTML|work= Newsweek] In developing countries, economic liberalization refers more to liberalization or further "opening up" of their respective economies to foreign capital and investments. Three of the fastest growing developing economies today; China, Braziland India, have achieved rapid economic growth in the past several years or decades after they have "liberalized" their economies to foreign capital. [cite web |url=http://www.imf.org/external/pubs/ft/issues8/index.htm |title=Why Is China Growing So Fast? |author=Zuliu Hu, Mohsin S. Khan |format= HTML|work= International Monetary Fund] Many countries nowadays, particularly those in the third world, arguably have no choice but to also "liberalize" their economies in order to remain competitive in attracting and retaining both their domestic and foreign investments. In the Philippinesfor example, the contentious proposals for Charter Changeinclude amending the economically restrictive provisions of their 1987 constitution. [cite web |url=http://www.gov.ph/aboutphil/a12.asp |title=Philippines : Gov.Ph : About the Philippines |format=ASP ]
The total opposite of a liberalized economy would be North Korea's economy with their closed and "self sufficient" economic system.
North Koreareceives hundreds of millions of dollars worth of aid from other countries in exchange for peace and restrictions in their nuclear programme. Another example would be oil rich countries such as Saudi Arabiaand United Arab Emirates, which see no need to further open up their economies to foreign capital and investments since their oil reserves already provide them with huge export earnings.
Globalization and Health
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