General Studies III · Topic
Liberalization industrial policy and growth
Official syllabus
Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
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What this covers
Industrial liberalization changes the rules facing firms, but policy continues through regulation, infrastructure and other instruments.
Key ideas
- Liberalization measures
- Industrial policy change
- Industrial structure
- Growth and jobs
- Regulation and adjustment
Subtopics 5
- 01Liberalization measuresLiberalization reduces or changes controls on economic decisions.
- 02Industrial policy changeIndustrial policy selects the rules and public instruments shaping industry.
- 03Effects on industrial structureIndustrial structure describes the composition of production and firms across sectors, sizes, places and ownership.
- 04Growth employment and competitivenessIndustrial output can grow without proportional employment when productivity, capital intensity or product mix changes.
- 05Regulation and adjustmentEven with easier entry, firms operate within safety, environmental, competition, labour and financial rules.