Nineteenth century liberal economists like john stuart mill believed that

John Stuart Mill believed in free markets and economic democracy, and that economic democracy should replace capitalism. However, even though he had a liberal view on economy, he did accept interventions in the economy such as taxation on certain items if there was a general approval of a certain item being taxed for a general benefit. He was also in favor of a cooperative wage system replacing the current wage system they had in place in England.

It has the potential to lead to limits on rights by giving flexibility in making laws.