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 major political change is highlighted in the passage?

The correct option is: Collapse of Socialist State

Step-by-step Explanation:

1. Analyze the Question: The question asks us to identify the major political change highlighted in the provided passage.

2. Examine the Passage: Let's read the first sentence of the passage carefully:
"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."

3. Match with the Options: The passage explicitly identifies the "collapse of the erstwhile socialist world" as the major political change. The term "socialist world" directly corresponds to a "Socialist State" or block of states. Therefore, the collapse of the socialist world refers to the collapse of the Socialist State.

4. Conclusion: Comparing this finding with the given choices, "Collapse of Socialist State" matches the text perfectly, confirming it as the correct option.