Economic liberalism is regarding for free markets and personal ownership of capital goods, and is contrasted using similar ideologies such as social liberalism as well as social democracy, which generally favor alternative types of capitalism such welfare capitalism as well as mixed economies. Economic liberalism contrasts with protectionism due to its support for free trade and open markets. It’s also considered to be against non-capitalist economic order placed, such as socialism, market socialism and designed economies.
Economic Liberalism Overview
