Economic Liberalism

Economic liberalism is the ideological belief in giving all people economic freedom, and as such granting people with more basis to control their own lives and make their own mistakes.[1] It is an economic philosophy that supports and promotes individual liberty and choice in economic matters and private property in the means of production. Although economic liberalism can 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 it can also lead to the support of government intervention in order to remove private monopoly, as this limits the liberty of the poor. Economic liberalism emphasizes that people should make their own choices with their money, so long as it doesn't infringe on the liberty of others.
Economic liberalism opposes economic planning as an alternative to the market mechanism. Economic liberalism contrasts with social liberalism as well as other economic orders such asmercantilism, state capitalism, socialism, market socialism, and fascist economics (Corporatism).
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-market economy 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 free-market outcomes. Economic liberalism also includes support for equality of opportunity(also known as social mobility), due to the belief that a lack of equality of opportunity will lead to an increase in private monopoly and therefore infringed liberty of individuals.

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