question_answer

Explain liberalism in political and economic fields prevailing in Europe in the nineteenth century.     [AI 2008]

Answer:

In political field liberalism stood for freedom of the individual, equality of all before Law. Politically it emphasised the concept of government by consent. It stood for end of autocracy.

In the economic field liberalism stood for the freedom of markets and the abolition of state imposed restrictions on the movement of goods and capital. For example in 1834, a customs union or Zollverein was formed at the initiative of Prussia and it joined all German states. Zollverein abolished tariff barriers and reduced the number of currencies.