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The term "market liberalism" is used in two distinct ways.
In the United States, the term is used as a synonym to classical liberalism. In this sense, market liberalism depicts a political ideology, combining free market economy with personal liberty and human rights, in contrast to social liberalism, which combines personal liberty and human rights along with a mixed economy and welfare state. The former kind is also known in the US popularly as "libertarianism".
In Europe and elsewhere, the term market liberalism is often used as a synonym to economic liberalism, 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 a economically liberal society that also provides a minimal to moderate-sized welfare state for its citizens.
- "The Achievements of Nineteenth-Century Classical Liberalism". Cato Institute.
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.
- See, e.g., Ken Inglis (2006): Whose ABC? The Australian Broadcasting Corporation, 1983–2006. Black Inc., Melbourne, p. 100
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