Question

explain liberalism in the economic field support by giving example

Answer 1

Economic liberalism is an economic systemorganized on individual lines, which means the greatest possible number of economicdecisions are made by individuals orhouseholds rather than by collectiveinstitutions or organizations. It includes a spectrum of different economic policies, such as freedom of movement, but its basis is on strong support for a market economy andprivate property in the means of production. Although economic liberals can also be supportive of government regulation to a certain degree, they tend to opposegovernment intervention in the free marketwhen it inhibits free trade and open competition.

Economic liberalism is associated with free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism andfeudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders, such as socialism andplanned economies. It also contrasts withprotectionism because of its support for free trade and open markets.

An economy that is managed according to these precepts may be described as a liberal economy.

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