Question

Explain liberalism in political and economic fields prevailing in Europe in the nineteenth century.​

Answer 1

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The term ‘liberalism’ derives from the Latin root ‘Liber’, meaning free. It was an ideology that stood for freedom for the individual and equality of all before the law.

 

Politically, liberalism stood for constitution, a representative government ruling by consent, a parliamentary system, ownership of private property and end of the privileges of aristocracy. 

Economically, liberalism stood for freedom of markets, end of state restrictions on movement of goods and capital, creation of unified economic territory allowing unhindered movement of goods, people and capital.