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What is Economic Liberalism

LO1: Define Economic Liberalism
LO2: Characteristics of "Capitalism"
LO3: Compare Capitalism to other economic systems (Communism, Socialism)
Thinking Historically: The Wealth of Nations

Economic liberalism is where people make decisions for themselves. Economic Liberalism is extremely similar to Capitalism. People can decide where they want to spend their money. In Economic Liberalism, there is a lot of private ownership which leaves lots of room for personal profit. Capitalism Is where rich people get richer and the poor people get richer as well. The rich people have money so they spend more money. When they spend more money on goods we need more people to create those goods. When we have more people to create goods, it opens up more jobs for poor people. In the end, everyone gets way more wealthy and more people have jobs. Some differences between capitalism and Socialism are that Socialism taxes more but in return, they get more free services, but they don't get to choose where their tax money goes to. In Capitalism, the Government taxes less, but people have much more of a choice on where their hard-earned money goes.

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