Arguments in favour of LPG
a. Liberalization was necessitated because various licensing policies were said to be deterring the growth of the economy.
b. Privatization was necessitated because of the belief that the private sector was not given enough opportunities to earn more money.
c. Globalization was necessitated because today a developed country can grow without the help of the under developed countries. Natural and human resources of the developing countries are exploited by the developed countries and the developing economies are used as market for the finished goods of the developed countries. The surplus capital of the developed countries are invested in backward economies. Obsolute and outdated technologies of the developed countries can be easily sold to poor under developed countries. Ultimately, the rich countries can grow further at the cost of developing economies.