Liberals were in support of a free-market economy as they saw it as an opening for capitalist entrepreneurs to take control over the market and succeed.
<u>Furthur Explanation:</u>
<u>The term Economic Liberalism is known as an economic system that was organized on lines of individual thinking that means that the greatest possible number of decisions related to economies which were made bu individuals in place of other organizations or institutions.</u> It also included various policies related to the economy and freedom of movement also came under that. But it was based on strong support which was there for the market economy or private property with regards to means related to production. Some of the economic liberals were also in support of regulations made by the government related to economy but that was to a certain degree as during most of the parts they opposed any intervention by the government in the free market when there is free trade as well as an open competition. <u>According to the liberals, the modern version of a free market cannot exist without entrepreneurs and a liberal market society stands against and opposite in the opposition of ethical society and an entrepreneur is the one who stands against the ethical and individual organization.
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Learn more:
1. What was the impact of political and legal ideas contained in Justinian's code?
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2. Why did Europeans ship goods to Africa during triangular trade?
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Answer details:
Grade – High School
Subject – Economy
Chapter – Economic Liberalism
Keywords –Economic Liberalism, Economy, Decisions, Intervention, Government, Regulation, entrepreneurs, Organization, Ethical, Society.
