The Declaration of Independence summarizes liberalism—not as a political creed opposed to conservatism, but as a philosophical account of government. This theory rests on truths held to be self-evident: that all human beings are created equal; that they have certain rights no one can take from them and which they can’t surrender; that these rights include life, liberty, and the pursuit of happiness; that legitimate government exists to secure these rights and is based on the consent of individuals who regard themselves as together forming a distinct people; that this consent is revocable when the government undermines its proper ends; and that the people reserve the right to reform or replace it with other institutions better suited to promoting these ends.
Liberalism is built on political and personal liberty: the freedom we have to authorize government and to pursue the happiness we define for ourselves. In modern times, societies that have embraced liberal principles have authorized forms of government in which political power is exercised primarily through legislative, executive and judicial institutions secured by constitutions that define the limits of this power.
In turn, the right to exercise political power rests on the equal votes of all adult members of the society, exercised through regular elections, with peaceful continuation or transfer of power prompted by the will of the majority. Liberal principles have also substantially broadened the range of choices individuals can make about how they earn a living and lead their private lives.
Beginning in the early 1970s, this understanding of government and society enjoyed a surge of support worldwide. Between 1973 and 2005, according to the German think tank
. Read more on livemint.com