In politics, the word "liberal" is a label used for various views that support personal liberties. However, not all liberals hold compatible views. The greatest contrast between liberals is their views on economical systems. Libertarians (also called "classical liberals") who support capitalism, and socialist liberals (also called "new liberals") who support socialism.
Almost all liberals agree on social views and advocate social freedom. However, socialism advocates economical statism (read more), while libertarians advocate economical freedom as well as social freedom.
See this YouTube video to get a brief introduction about libertarianism, and it's most important underlying principle of self-ownership.
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