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Definition of Economic liberalism

Babylon English

opening of a market to free competition
Economic liberalism Definition from Encyclopedia Dictionaries & Glossaries
Wikipedia English - The Free Encyclopedia
Economic liberalism is the ideological belief in organizing the economy on individualist lines, meaning that the greatest possible number of economic decisions are made by individuals and not by collective institutions or organizations. It includes a spectrum of different economic policies, but it is always based on strong support for a market economy and private property in the means of production. Although economic liberalism can also be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition. However, economic liberalism may accept government intervention in order to remove private monopoly, as this is considered to limit the decision power of some individuals. While economic liberalism favors markets unfettered by the government, it maintains that the state has a legitimate role in providing public goods.

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