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Market liberalism, also called free-market liberalism in order to emphasize the support to free markets, is a term used of a variant of liberalism, combining free market economy with personal liberty and human rights in contrast to Social liberalism, which, while still supporting personal liberty and human rights, supports a more mixed economy with state produced public services.
Like all liberals, market liberals believe in individual freedom as a central concept. Further, as market-emphasized descendants of classical liberalism, they advocate free markets, which are only regulated in so far as necessary (e.g. to avoid market failures, such as monopolies and cartels), as well as private entrepreneurship and a small state.
Market liberalism is often used in the United States as an alternative to classical liberalism because the word classical has negative connotations.[1][2] In Europe market liberalism is often used as a synonym to economic liberalism, which is often used for a policy supporting the economic aspects of market liberalism (classical liberalism), regardless of attitudes towards the other aspects of individual freedom.
Compare
- Free market economy
- Laissez-faire
- Liberal theory of economics
- Libertarianism
- Classical liberalism
- Neoliberalism
See also
References
- ^ "About Cato". Cato.org. http://www.cato.org/about.php. Retrieved 2008-11-06.
- ^ "The Achievements of Nineteenth-Century Classical Liberalism". http://www.cato.org/university/module10.html.
Although the term "liberalism" retains its original meaning in most of the world, it has unfortunately come to have a very different meaning in late twentieth-century America. Hence terms such as "market liberalism," "classical liberalism," or "libertarianism" are often used in its place in America.
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