Liberalization refers to the process of reducing government restrictions and regulations in various sectors, such as trade, investment, and social policies. This approach aims to promote economic growth and increase individual freedoms by allowing more competition and encouraging private enterprise. In the context of economics, liberalization often involves opening markets to foreign competition, which can lead to lower prices and more choices for consumers. It can also include reforms in areas like education and healthcare, where increased access and options are provided to individuals, fostering a more dynamic and responsive system.