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Presents the theoretical and practical arguments for liberalism. The term comes from the Latin word 'liber' (free). Mises defines liberalism as 'the liberal doctrine of the harmony of the rightly understood interests of all members of a free society founded on the principle of private ownership of the means of production'. The foundation of liberalism, Mises says, rests on an understanding and appreciation of the institution of private property, social cooperation, the freedom idea, ethics and morality, democracy and the legitimate role of government. Liberalism is not a political party. The liberal program offers no special privileges to anyone; it aims at securing equality under law for everyone, so as to allow equal opportunity to all human beings to make their own choices and decisions. The role of government should be limited to protecting the lives, property, and freedom of its citizens to pursue their own ends and goals.