Liberalism is a collective of political, social and economic theories that centers on the values of individual liberty, equality, economic freedom, limited and democratic government and the rule of law. Let's take a quick look at these ideas in a bit more detail.
Liberty is a political concept that refers to freedom from undue or oppressive restraints on a person's actions, thoughts or beliefs imposed by the state. Some important liberties in modern liberal states include freedom of speech, press, religion and association. Liberty is constrained by the harm principle, which states that you have liberty as long as you do not harm others.
Liberalism holds that all individuals should have equal treatment before the law regardless of social status, race or sex.
Economic freedom is also closely associated with liberalism and involves support for free markets and private property rights.
Liberalism also holds a commitment to the rule of law, which is essential for a democratic and limited government. The rule of law is a proposition that law should not be arbitrary and must be applied fairly to all.