Market liberalism is used in two distinct ways. In the United States, the term is used as a synonym toclassical liberalism.[1] In this sense, market liberalism depicts apolitical ideology, combining amarket economy withpersonal liberty andhuman rights in contrast tosocial liberalism, which combinespersonal liberty andhuman rights along with amixed economy andwelfare state.
In Europe and elsewhere, the termmarket liberalism is often used as a synonym toeconomic liberalism,[2] depicting a policy supporting the economic aspects of liberalism, without necessarily including the political aspects of liberalism. In some political spheres, market liberalism refers to an economically liberal society that also provides a minimal to moderate-sized welfare state for its citizens.[3]
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.
