classical liberalism

• associated with the rise of industrial capitalism in the 18th and 19th centuries. Followers of classical liberalism prized freedom above other values, and believed that freedom could best be achieved by restricting the power of government. 
• late 20th century, classical liberalism was reinvented in Britain and the USA as neoliberalism. It was associated with the New Right, an important influence on the British Conservative Party under the leadership of Margaret Thatcher (1975-90) and her successors.