- Economic liberalism is an ideology that supports individual property and contractual freedom rights. The slogan of this form of liberalism is "free enterprise." Supporting a laissez-faire economic liberal system means removing legal barriers, such as trade barriers and government-imposed monopolies and subsidy privileges. Economic liberalism hopes for minimal government regulation of the economy, or even no regulation at all, advocating that the value of products and services should be determined by individual free choice. The government may play a monopolistic role in some areas, such as maintaining law and order and providing court services. Economic liberalism accepts that economic inequality resulting from unequal bargaining positions is a natural outcome of competition, as long as coercion is not involved. Both minimal government economic liberalism and anarchic economic liberalism are forms of economic liberalism.
The debate between economic freedom and social equality is as longstanding as the debate over freedom itself.
- Impact on the Modern World
Liberalism has had a profound impact on the modern world. Concepts such as individual freedom, human dignity, freedom of speech, tolerance of beliefs, individual property, universal human rights, government transparency, limiting government power, popular sovereignty, national self-determination, privacy, enlightened and rational policies, regulations, basic equality, free market economy, and free trade are all fundamental concepts of liberalism. Liberal democracy is a typical form of multi-party pluralistic politics. Today, some countries have adopted these liberal concepts as policy goals, although there may be significant differences between their statements and reality. These concepts are not only the goals of liberalism but also of social democracy, conservatism, and Christian democracy.