WORLD HISTORY

Detailed explanation-1: -Liberalism is a political and moral philosophy based on the rights of the individual, liberty, consent of the governed, political equality and equality before the law. Liberals espouse various views depending on their understanding of these principles.

Detailed explanation-2: -Neoliberalism is contemporarily used to refer to market-oriented reform policies such as “eliminating price controls, deregulating capital markets, lowering trade barriers” and reducing, especially through privatization and austerity, state influence in the economy.

Detailed explanation-3: -These ideas were first unified as a distinct ideology by the English philosopher John Locke, generally regarded as the father of modern liberalism. Locke developed the radical notion that government acquires consent from the governed, which has to be constantly present for a government to remain legitimate.

Detailed explanation-4: -Economic liberalism is based on the principles of personal liberty, private property, and limited government interference. The term ‘liberalism’ should be understood in its historical context. Classical liberalism emphasized liberty from government regulation.