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The process of liberalization emerged as a response to deep economic, political, and social crises experienced by many countries during the late twentieth century. In the sociology of development, liberalization is understood not merely as an economic reform but as a transformation in the relationship between the state, market, and society. It involves reducing state control over economic activities, encouraging private enterprise, promoting foreign investment, and integrating national economies with global markets. Several interrelated crises contributed to the adoption of liberalization policies. The first major crisis was the failure of the state-led development model. After independence, many developing countries adopted import substitution industrialization (ISI), where the state played a dominant role in industrialization, planning, and public sector expansion. Initially, this strategy promoted industrial growth, but over time it resulted in inefficient public enterprises, bureaucratic delays, low productivity, and excessive protectionism. Many industries became dependent on _______ ___ _________ _________ ___ _____ _____ _________ _________ _________ ___.
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