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An economy that is managed according to these precepts may be described as a liberal economy or operating under liberal capitalism. Economic liberals commonly adhere to a political and economic philosophy that advocates a restrained fiscal policy and a balanced budget through measures such as low taxes, reduced government spending, and ...
Economic liberalization, or economic liberalisation, is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities. In politics, the doctrine is associated with classical liberalism and neoliberalism .
Classical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. [1]
According to the Encyclopædia Britannica: "In the United States, liberalism is associated with the welfare-state policies of the New Deal programme of the Democratic administration of Pres. Franklin D. Roosevelt, whereas in Europe it is more commonly associated with a commitment to limited government and laissez-faire economic policies."
Those that identify as liberal will typically support liberal economic policies as a means to support liberal social policies. [113] Liberals within the modern progressive movement support greater redistribution of wealth , increases to the federal minimum wage , a mandatory single-payer healthcare system, and environmental justice .
[40] In Europe, liberalism usually means what is sometimes called classical liberalism, a commitment to limited government, laissez-faire economics. This classical liberalism sometimes more closely corresponds to the American definition of libertarianism, although some distinguish between classical liberalism and libertarianism. [41]
The Economic Hardship Reporting Project and Teen Vogue examine the meaning of neoliberalism in modern day. What is neoliberalism? An economic and political system devoted to the free market
Support for a domestic economy built on a balance of power between labor (in the form of organized unions) and management (with a tendency to be more interested in large corporations than in small business). A foreign policy focused on containing Communism based in the Soviet Union and China. Liberals opposed isolationism, détente and rollback.