Question : The process of liberalization, privatization, and globalization aimed to reduce:
Option 1: Inflation
Option 2: Unemployment
Option 3: Trade deficit
Option 4: Income inequalit
Correct Answer: Unemployment
Solution : The correct answer is (b) Unemployment
The process of liberalization, privatization, and globalization aimed to reduce unemployment. While the primary objective of these policies was to promote economic growth and attract foreign investment, a key expected outcome was the creation of more employment opportunities. By liberalizing the economy, reducing government control, and encouraging private sector participation, it was believed that new industries would emerge, existing industries would expand, and there would be an overall increase in economic activity, leading to job creation and a reduction in unemployment.
Unemployment reduction was seen as a crucial social and economic goal, as it contributes to increased productivity, improved living standards, and overall social welfare. While the impact on unemployment can vary depending on various factors, the aim of liberalization, privatization, and globalization policies was to foster a more dynamic and job-oriented economy.
