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True economic liberalism is uncontrolled capitalism. I think it's sometimes called "Neo-liberalism." Modern liberals have realized that capitalism, with all its benefits, can be unfair, so we try to limit corporate power, and all the things that can infringe upon social Liberalism(democracy, civil rights,freedom and all the rest), which we see as more important. Obviously the world and society have changed since the terms "liberal" and "conservative" were invented, but the motives behind them have not. We liberals have always cared for the poor and the common man, and have always regarded them as real, individual people. When we believed capitalism would help the common man, we advocated capitalism. When we believed socialism would help counter the corporate elite's power, we advocated socialism. Conservatives, on the other hand, began by defending the monarchy- they were fiercely anti- democracy, and were made up mostly of the nobility. After the aristocracy finally lost its influence, they were determined to keep power, so they catered to the new corporate power that was blossoming. The corporations were capitalistic, so the conservatives decided to advocate capitalism, using the same arguments liberals had years before. Their motive, however, was the same- keeping the power and wealth in the hands of a few. They had just found a new way to do it.
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