Economic Policies

Liberalisation refers to the relaxation of government restrictions in economic, political, and social policies. In India, economic liberalization began in 1991, leading to globalization, privatization, and a more market-driven economy.

The concept of the "invisible hand" was introduced by Adam Smith, often regarded as the father of modern economics. It describes how individuals pursuing their self-interests in a free-market economy inadvertently promote the overall good of society, as if guided by an invisible hand.

The Industrial Revolution first began in England during the late 18th century, marked by advancements in technology and industrial processes.

Liberalisation leads to increased economic growth, foreign investment, and technological advancement. Consequences of liberalisation include:
Positive impacts:
Increased foreign direct investment (FDI).
Technological advancements and improved infrastructure.
Higher employment opportunities.

Negative impacts:
Economic disparity and job insecurity.
Dependence on foreign markets.
Environmental degradation due to industrial expansion.