This chapter presents a thumbnail history of liberalism and its interaction with political and economic developments. Liberalism is a vibrant intellectual philosophy. Its basic insights are regularly challenged and rethought, resulting in new ideas. Liberalism is a tolerant philosophy. As for its economic dimension: Let the free market runs its course and keep government small, while not overlooking its role as protector of private property and provider of social services. Liberalism as we know it began in the eighteenth century in Northwestern Europe. This chapter’s Part I contains a very brief description of liberalism’s history. Part II begins with the Moderns, paying special attention to Adam Smith and J.S. Mill. Part III includes neoliberalism’s different interpretations by various schools of thought. The rise and fall of neoliberalism as applied by various American Presidents is described. The section on neoliberalism is preceded by a presentation of liberalism’s evolution since the middle of the nineteenth century, inspired by British philosophers and economists. Part IV describes the differences between the two notions, and ends with concerns and possible remedies.