Source : Webster's Revised Unabridged Dictionary (1913)

Liberalism \Lib"er*al*ism\ (-[i^]z'm), n. [Cf. F.
   lib['e]ralisme.]
   Liberal principles; the principles and methods of the
   liberals in politics or religion; specifically, the
   principles of the Liberal party.

Source : WordNet®

liberalism
     n 1: a political orientation that favors progress and reform
     2: an economic theory advocating free competition and a
        self-regulating market and the gold standard