What did economic liberalism stand for

Economic liberalism is a political and economic philosophy based on strong support for a market economy and private property in the means of production.  Historically, economic liberalism arose in response to mercantilism and feudalism.

Explanation:

Economic liberalism is most often associated with support for free markets and private ownership of capital assets. It contrasts with protectionism because of its support for free trade and open markets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also generally considered to be opposed to non-capitalist economic systems, such as socialism and planned economies.

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