What do you understand by ‘Economic liberalism’?

  • In the economic sphere, liberalism stood for the freedom of markets and the abolition of state- imposed restrictions on the movements of goods and capital.
  • In German-speaking regions during Napolean’s rule, there were 39 states, each of it possessed its own currency and weights and measures.
  • A merchant travelling from Hamburg to Nuremberg to sell his goods had to pass through 11 customs barriers and pay a customs duty of about 5 per cent at each one of them.