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Liberalization: where it has lead us and where it is headed Since 1991, the Indian economy has been running under the mantra of "liberalization". While there has been almost unanimous approval amongst the more affluent sections of the population for liberating the consumer goods sector from the "License Raj" of the previous decades, external liberalization has been subject to far more scrutiny, and has generated considerable controversy and debate. The extent to which the economy should be decontrolled with respect to the international sector is not only of economic relevance but goes to the whole issue of national sovereignty and security. External Liberalization Whereas domestic industrialists and investors come under the purview of national laws - and are therefore subject to a modicum of democratic control - that can rarely be said of foriegn investors. Numerous case studies from the experience of other developing countries show that the dependance on...

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