Define liberalization, privatization and globalization in one line each.4.

Concept: an economic system organised around private ownership of the means ofproduction and market coordination — prices, not planners, decide what, how and for whom (Unit ECO-I 1.4's three questions). Features: private property (legally protected — the system's legal bedrock); profit motive; freedom of enterprise and choice; consumer sovereignty (the market's ballot box); price mechanism; competition; limited government (the night-watchman ideal); wage labour. Appraisal:strengths — efficiency and innovation (the incentive engine), consumer responsiveness, the historical record of growth; weaknesses — inequality of income and power; instability (booms and slumps — Unit 5's cycles); market failures (public goods, externalities, monopoly — Unit 6's catalogue); unemployment; the human critiques (commodification, commodification of labour).