Economic Liberalism

Economic liberalism is the ideological belief in organizing the economy on individualist lines, such that the greatest possible number of economic decisions is made by private individuals and not bycollective institutions.[1] 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 opencompetition. 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 (most often the poor).Economic liberalism emphasizes that individuals should make their own choices with their money, so long as it does not infringe on the liberty of others.
Economic liberalism opposes economicplanning as an alternative to the market mechanism, and also generally opposes mixed economies. Economic liberalism contrasts with social liberalism as well as other economic orders such as socialism, marketsocialism, the social market economy, mercantilism and state capitalism [2]
Economic liberalism opposes government intervention on the grounds that the state often serves dominant business interests,distorting the market to their favor and thus leading 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. For example, a social market economy is a largely[dubious – discuss] free-marketeconomy based on a free price system and private property, and includes government regulation to promote competitive markets and social welfare programs to address social inequalities that result from...