Economic liberalism

Economic liberalism is a political and economic philosophy based on strong support for a market economy and private property in the means of production. Although economic liberals can also be supportive of government regulation to a certain degree, they tend to oppose government intervention in the free market when it inhibits free trade and open competition. Economic liberalism has been described as representing the economic expression of liberalism.

As an economic system, economic liberalism is organized on individual lines, meaning that the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations. An economy that is managed according to these precepts may be described as liberal capitalism or liberal economy.

Economic liberalism is associated with free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders such as socialism and planned economies. It also contrasts with protectionism because of its support for free trade and open markets.

(Source: Wikipedia) Feel free to edit for greater accuracy and relevancy, dependent on following guidelines.