What is meant by the term liberalism? Explain liberalism in political and economic fields prevailing in Europe in the 19th century.
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Economically, liberalism stood for (i) Freedom of markets; (ii) End of state restrictions on movement of goods and capital; (iii) A customs union or Zollverein was formed by Prussia in 1834, which many German states joined (iv) This union reduced the number of currencies from over thirty to two and abolished tariff
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