Question

" In the economic sphere liberalism stood for the freedom of market and abolition of state imposed restrictions on the movement of goods and capital ." Explain.

Answer 1

The word liberalism is derived from the Latin word meaning free. Liberalism denotes the individual freedom in a society.

Explanation

- Liberalism gained importance in the nineteenth century.

- People selling goods through different regions of Europe has to pay heavy taxes as each region had its own system of of measures.

- They had to pay customs, when crossing each region according to their good's weight.

- This was a main economic hurdle and thus a union called Zollverein was formed which reduced the customs and abolished the tax barriers.

Thus In the economic sphere liberalism stood for the freedom of market and abolition of state imposed restrictions on the movement of goods and capital.