Liberalism
Arthur Schlesinger described liberalism as a broad political and philosophical mindset, favoring individual liberty, and opposing restrictions on liberty, whether such come from established religion, from government regulation, or from the existing class structure. The term "liberalism" in the US most often refers to modern / social liberalism but can include classical and neo-liberalism as well.
Modern / social liberalism is dramatically different from classical and neo-liberalism in its approach to economic policy. Whereas classical and neo-liberalism favor laissez faire economics, modern / social liberalism takes the view that government intervention is sometimes necessary in the marketplace to prevent the injustices that would otherwise result from unbridled capitalism.
Social (Modern) Liberalism
Social liberals emphasize individual freedom as a central concept. They expect government to provide basics such as health and education, as well as welfare (or workfare), supported by taxation, with the intent to secure economic opportunities for all, enabling the best use of the talents of the population. They are willing to accept restrictions in economic affairs, such as anti-trust laws, to combat economic monopolies, or minimum wage laws to protect workers.