10 Facts About Economic liberalism

Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production.

Economic liberalism is associated with markets and private ownership of capital assets.

Economic liberalism can be contrasted with protectionism because of its support for free trade and an open economy, and is considered opposed to planned economies and non-capitalist economic orders, such as socialism.

Economic liberalism follows the same philosophical approach as classical liberalism and fiscal conservatism.

Arguments in favor of economic liberalism were advanced by Smith and others during the age of enlightenment, opposing feudalism and mercantilism.

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Early theory of economic liberalism was based on the assumption that the economic actions of individuals are largely based on self-interest and that allowing them to act without any restrictions will produce the best results for everyone, provided that at least minimum standards of public information and justice exist, so that no one is allowed to coerce, steal, or commit fraud, and there should be freedom of speech and press.

Economic liberalism is a much broader concept than fiscal liberalism, which is called fiscal conservatism or economic libertarianism in the United States.

The ideology that highlighted the financial aspect of economic liberalism is called fiscal liberalism, which is defined as support for free trade.

Economic liberalism opposes government intervention in the economy when it leads to inefficient outcomes.

Ordoliberalism and various schools of social liberalism based on classical liberalism include a broader role for the state but do not seek to replace private enterprise and the free market with public enterprise and economic planning.