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___ is the integration of world economy into a single market through removal of trade barriers between countries.
Privatisation
Liberalisation
Globalisation
Both(a) and (b)
- Privatisation: This involves transferring ownership of a business, enterprise, or public service from the government to private entities. It does not directly relate to global market integration.
- Liberalisation: This entails relaxing government restrictions, often in areas like trade, to encourage more competition and efficiency. It can be a step towards globalisation but is not synonymous with creating a single global market.
- Globalisation: This is indeed the integration of world economies into a single market. It involves the removal of trade barriers, leading to increased interconnectedness and interdependence among countries.
- Both (a) and (b): This option suggests a combination of privatisation and liberalisation, but neither directly results in the integration of global economies as a single market in the sense that globalisation does.
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