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The Reagan/Thatcher "revolution" was designed to trim the government's role in the economy--reducing taxes, privatizing state enterprises, opening up public lands to private interests.
They include, in order of importance: fiscal reform, including of subsidies; privatisation of public enterprises; opening state-controlled banks to more private ownership; reform of India's throttling labour laws; and liberalising certain industries, including coal and sugar.
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In the past twenty-five years, many developing countries have followed this advice, dismantling their public-sector enterprises and opening up their economies to international trade and investment.
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