Question

What is liberalism in sense of society and economy?​

Answer 1

Economic liberalism is a political and economic philosophy based on strong support for a market economy and private property in the means of production. Economic liberalism is associated with free markets and private ownership of capital assets.

Answer 2

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The following are the reasons for liberalism in sense of society and economy are :

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.It also contrasts with protectionism because of its support for free trade and open markets.

Economic liberals commonly adhere to a political and economic philosophy which advocates a restrained fiscal policy and the balancing of budgets, through measures such as low taxes, reduced government spending and minimized government debt.Free trade, deregulation of the economy, lower taxes, privatization, labour market flexibility, opposition to trade unions and indifference towards economic inequality are often hallmarks of economic liberalism.Economic liberalism follows the same philosophical approach as classical liberalism and fiscal conservatism...

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