Liberalism Liberalism, since it has been around (Began around the 18th century), consisted of three cores. These are moral, economic and political cores. These cores are the foundation of what we call liberalism. The moral core consists of a persons unalienable rights, life liberty and the pursuit of happiness. The economic core consists of a persons rights to produce, consume and enter into contracts through a market economy. The political core is made up of a person’s right to participate in the government, associated with a representative democracy. The ideas expressed in the moral core have been around since the tim