Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy required as a result of the Industrial Revolution and urbanization.[3] Notable individuals who have contributed to classical liberalism include Jean-Baptiste Say, Thomas Malthus and David Ricardo.[4] It drew on the economics of Adam Smith, a psychological understanding of individual liberty, natural law and utilitarianism, and a belief in progress. Classical liberals established political parties that were called "liberal", although in the United States classical liberalism came to dominate both existing major political parties.[1] There was a revival of interest in classical liberalism in the 20th century led by Friedrich Hayek and Milton Friedman.[5]