The package (the post-1980s world wave):
1. Liberalization — deregulating the domestic economy: ending industrial licensing, freeing prices and interest, opening sectors to entry; trade liberalization: tariff cuts, quota removals.
2. Privatization — transferring state enterprises to private hands (sale, voucher, management contracts) — the SOE-efficiency thesis; the design questions: transparency, sequencing, regulation of natural monopolies, and the social safety net during layoffs.
3. Globalization — the integration of economies through trade, finance, technology and labour flows (ECO-I 5.5's processes: the WTO order, the remittance economy, the digital economy). Nepal's LPG turn (the dated arc): the pre-1990 licensed regime (the birta of licences); the 1990s reforms — the open general licence, tariff reductions, the convertibility of the rupee on current account, the Foreign Investment and Technology Transfer Act's liberalising generations, the finance companies' and joint-venture banks' entry (the 1984 first JV), the privatisations of the decade (the airlines, some public enterprises — with mixed verdicts); WTO accession (2004 — Unit 3.3's detail); the unfinished agenda: the investment climate, export competitiveness, the doing-business reform era. The critiques (the balanced close): inequality's rise within countries (the globalisation literature's central finding); vulnerability (the 2008 and pandemic shocks); the race-to-the-bottom worry; against these — the largest poverty reduction in world history (Asia's LPG decades) and the consumer/technology dividend. Nepal's own verdict (ECO- I 5.6's balance-sheet): liberalization's consumption boom on remittance income, with the productive transformation still awaited.