Libertarianism is a political philosophy emphasizing individual liberty, free market economy and a limited government. In general libertarians hold that each individual has the freedom to seek his/her happiness in whatever way (s)he sees fit, so long as (s)he does not infringe upon the freedom of others to pursue a similar end.
Originally the philosophy now called libertarianism was known by another name, liberalism. In the beginning of 20th century North America this word was taken over by social democrats. These days the original liberalism is known in North America as "classical liberalism", "market liberalism" or "libertarianism". In Europe and other parts of the world the term "liberalism" is still used more or less in the "classical" sense.
