a) Liberalization is the opening up of domestic market to foreign competition through removal of trade regulations and protection
Merits
- Low prices
- Variety of goods and services
- High quality goods-Increased employment opportunities
- Increase in investment in the economy
- Acquisition of advanced technology
Demerits
- Importation of harmful goods
- Collapse of local industries due to unhealthy competition
- Increase in unemployment levels due to collapse of local industries
- Over-reliance on foreign countries
- Reduction in government revenue
- Balance of payment problem
Kalis answered the question on March 23, 2018 at 08:13
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