Libertarianism
Etymology
From Latin libertas, “freedom.” The word first named a metaphysical position — belief in free will, against determinism — in the eighteenth century. Its political meaning grew in the twentieth century, especially in the United States, where those favoring free markets and limited government adopted it, partly because “liberal” had shifted toward pro-government reform in American usage.
noun · /lib-ur-TAIR-ee-uh-niz-um/
A political philosophy prioritizing individual liberty and property rights, favoring a minimal state and wide personal and economic freedom.
What it names
A consistent yardstick for judging policy by one question — does it expand or shrink coercion over the individual — applied to markets and personal life alike.
Example
A libertarianism that opposed both business subsidies and drug prohibition frustrated people used to a simple left-right map.
Related idea
Liberalism shares the emphasis on individual rights but, in its modern form, accepts a larger redistributive and regulatory state than libertarianism allows.