Economic liberalization refers to the process of reducing government restrictions and regulations in an economy to encourage free-market principles. This often includes lowering tariffs, removing trade barriers, and allowing private enterprises to operate with minimal state intervention. The goal is to promote competition, increase efficiency, and stimulate economic growth. Countries that undergo economic liberalization typically experience an influx of foreign investment and improved access to global markets. This can lead to job creation and innovation, but it may also result in challenges such as income inequality and the potential for market monopolies. Examples of economic liberalization can be seen in nations like China and India in recent decades.