Answer» - The term ‘liberalism’ derives from the Latin root ‘Liber’, meaning free. It was an ideology that stood for freedom for the individual and equality of all before the law.
- Politically, liberalism stood for constitution, a representative government ruling by consent, a parliamentary system, ownership of private property and end of the privileges of aristocracy.
- Economically, liberalism stood for freedom of markets, end of state restrictions on movement of goods and capital, creation of unified economic territory allowing unhindered movement of goods, people and capital.
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