Question

How did liberalism stand in the economic sphere?

Answer 1

Liberalisation of the economy means It's freedom from Direct or physical control imposed by the government. Government had imposed layers of controls on private entreprises like liscensing permission, quota systm.import liscensing. In liberalisation all these restrictions were removed.

So, It stands in economic spheres.

Answer 2

Answer:

Economic liberalism is associated with free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders such as socialism and planned economies.