Free tradeFree trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s.
Classical liberalismClassical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics; and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. Classical liberalism, contrary to liberal branches like social liberalism, looks more negatively on social policies, taxation and the state involvement in the lives of individuals, and it advocates deregulation.
Welfare stateA welfare state is a form of government in which the state (or a well-established network of social institutions) protects and promotes the economic and social well-being of its citizens, based upon the principles of equal opportunity, equitable distribution of wealth, and public responsibility for citizens unable to avail themselves of the minimal provisions for a good life. There is substantial variability in the form and trajectory of the welfare state across countries and regions.
NeoliberalismNeoliberalism, also neo-liberalism, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society.
Liberal conservatismLiberal conservatism is a political ideology combining conservative policies with liberal stances, especially on economic issues but also on social and ethical matters, representing a brand of political conservatism strongly influenced by liberalism. The ideology incorporates the classical liberal view of minimal government intervention in the economy, according to which individuals should be free to participate in the market and generate wealth without government interference.
Economic efficiencyIn microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient.
Social liberalismSocial liberalism (Sozialliberalismus, socioliberalismo, Sociaalliberalisme) is a political philosophy and variety of liberalism that endorses social justice and the expansion of civil and political rights. It is economically based on the social market economy and views the common good as harmonious with the individual's freedom. Social liberals overlap with social democrats in accepting economic intervention more than other liberals; its importance is considered auxiliary compared to social democrats.
