Economic liberalism is associated with markets and private ownership of capital assets. ... 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.

What are the main principles of liberalism?

Liberalism is a political and moral philosophy based on liberty, consent of the governed and equality before the law.

Why did liberalism support laissez-faire capitalism?

From the French for “let them do [what they will],” proponents of laissez-faire policies, known as liberals, believed that the free market would naturally produce the best and most efficient solutions to economic and social problems. ...