Economic liberalism is the ideological belief in giving all people economic freedom, and as such granting people with more basis to control their own lives and make their own mistakes. It is an economic philosophy that supports and promotes individual liberty and choice in economic matters and private property in the means of production. Although economic liberalism can be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition, however it can also lead to the support of government intervention in order to remove private monopoly, as this limits the liberty of the poor. Economic liberalism emphasizes that people should make their own choices with their money, so long as it doesn't infringe on the liberty of others.
Economic liberalism opposes economic planning as an alternative to the market mechanism. Economic liberalism contrasts with social liberalism as well as other economic orders such as mercantilism, state capitalism, socialism, market socialism, and fascist economics (Corporatism).