Read the given passage carefully and answer the next five questions.

In many ways it was a major political change, namely, the collapse of the erstwhile socialist world that hastened globalisation and also gave a specific economic and political approach to the economic policies that underpin globalisation. These changes are often termed as neo-liberal economic measures. We have already seen what concrete steps the liberalisation policy took in India. Broadly, these policies reflect a political vision of free enterprise which believes that a free reign to market forces will be both efficient and fair. It is, therefore, critical of both State regulation and State subsidies. The existing process of Globalisation in this sense does have a political vision as much as an economic vision.

What is the economic measure that accompanied the collapse of the socialist world and the advent of Globalisation?

The correct option is Neo-liberal measures.

Step-by-step Explanation:

1. Locate the Relevant Information in the Passage:
Let's look at the first few sentences of the provided text: "In many ways it was a major political change, namely, the collapse of the erstwhile socialist world that hastened globalisation and also gave a specific economic and political approach to the economic policies that underpin globalisation. These changes are often termed as neo-liberal economic measures."

2. Analyze the Connection:
The passage directly connects the collapse of the socialist world and the rise of globalisation to a specific set of economic policies. It explicitly states that these changes and policies are referred to as "neo-liberal economic measures."

3. Evaluate the Options:
- Conservative measures: Not mentioned in the passage as the defining term for these economic policies.
- Welfare measures: The passage mentions that these policies are critical of State subsidies and regulation, which is opposite to traditional welfare-state measures.
- Neo-liberal measures: This matches the explicit term used in the text to define the policies accompanying these global shifts.
- Protectionist measures: These measures restrict international trade, which contradicts the core concept of globalisation and free-market enterprise described in the passage.

Therefore, based strictly on the text, the economic measure that accompanied the collapse of the socialist world and the advent of globalisation is Neo-liberal measures.