"Economic liberalization" refers to the process of reducing government intervention in the economy, thereby promoting free-market principles. This can include deregulation, privatization, and trade liberalization, aimed at fostering competition and encouraging foreign investment. By allowing market forces to dictate supply and demand, it aims to enhance economic growth and efficiency. Economic liberalization can also lead to improved consumer choice and lower prices. However, it may result in increased inequality and reduced protections for vulnerable populations, raising the need for social safety nets to mitigate potential negative impacts.