liberalism

Definition 1

Economic: Concept that a government should not try to control prices, rents, and/or wages but instead let open competition and forces of demand and supply create an equilibrium between them that benefits the vast majority of citizens. It differs from the doctrine of laissez faire in its acceptance of the government intervention to control creation and spread of monopolies and in distribution of public good. Economic liberalism, in general, favors redistribution of income through taxes and welfare payments.

Definition 2

Political: Concept that the preservation of individual liberty and maximization of freedom of choice should be the primary aim of a representative government. It stresses that all individuals stand equal before law (without class privileges) and have only a voluntary contractual relationship with the government. It defends freedom of speech and press, freedom of artistic and intellectual expression, freedom of worship, private property, and use of state resources for the welfare of the individual.