The process of eliminating unnecessary controls and restrictions on the smooth functioning of a business enterprise is known as

Liberalisation refers to the process of eliminating unnecessary controls and restrictions on the smooth functioning of business enterprises. Privatisation means transfer of ownership and/or management of an enterprise from the public sector to the private sector. Globalisation may be defined as “the growing economic interdependence of countries worldwide through increasing volume and variety of cross border transactions in goods and services and of international capital flows and also, through the more rapid and widespread diffusion of technology”.