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In its initial formation, economic liberalism was focused on promoting the idea of private ownership and trade; however, due to a growing awareness of concerns regarding policy, the rise of economic liberalism paved the way for a new form of liberalism, known as social liberalism. This promoted an accommodation for government intervention in ...
By the end of the 19th century, liberal democracy was no longer only a liberal idea, but an idea supported by many different ideologies. After World War I and especially after World War II, liberal democracy achieved a dominant position among theories of government and is now endorsed by the vast majority of the political spectrum. [citation ...
Diamond goes on to say that democracy bounced back and by 1995 the world was "predominantly democratic". [84] [85] The gains of liberalism have been significant. In 1975, roughly 40 countries around the world were characterised as liberal democracies, but that number had increased to more than 80 as of 2008. [86]
By the First World War, the Liberal Party had largely abandoned classical liberal principles. [47] The changing economic and social conditions of the 19th century led to a division between neo-classical and social (or welfare) liberals, who while agreeing on the importance of individual liberty differed on the role of the state.
After World War II, many countries adopted policies of economic liberalization in order to stimulate their economies.. The period directly after the war did not see many, the most notable exception being West Germany's reforms of 1948, which set the stage for the Wirtschaftswunder in the 1950s and helped inform many of the liberalisations that were to come.
Major examples of modern liberal policy programs include the New Deal, the Fair Deal, the New Frontier, the Great Society, the Affordable Care Act, and the Inflation Reduction Act. [5] [6] In the first half of the 20th century, both major American parties shared influential conservative and liberal wings.
In The Spirit of Democracy, Larry Diamond argues that by 1974 "dictatorship, not democracy, was the way of the world" and that "barely a quarter of independent states chose their governments through competitive, free, and fair elections". Diamond says that democracy bounced back, and by 1995 the world was "predominantly democratic".
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 .