---
title: "Economic Liberalism — Profile & Key Facts | Model Diplomat"
description: "Economic liberalism is a philosophy promoting free markets and individual liberties, rooted in Adam Smith's ideas, influencing policy and economics."
url: "https://modeldiplomat.com/learn/glossary/economic-liberalism"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- A political and economic philosophy emphasizing free markets and individual liberties, rooted in Adam Smith's ideas.
- What is economic liberalism?
- How did Adam Smith contribute to economic liberalism?

[Leaders & Thinkers](https://modeldiplomat.com/learn/leaders/glossary)Updated June 22, 2026

A political and economic philosophy emphasizing free markets and individual liberties, rooted in Adam Smith's ideas.

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Economic liberalism promotes the idea that free markets lead to greater prosperity for all.

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