In a time when Europe had lost faith in freedom and democracy, the Austrian economist Ludwig von Mises (1881-1973) was one of the few intellectuals who staunchly defended the ideal of liberalism. His book "Liberalism," published in 1927, is a comprehensive plea for a free economic and social order, in which Mises, who had to flee to America to escape the Nazis, primarily highlights the barely perceptible threats arising from the gradual expansion of any state activity. The Friedrich Naumann Foundation has decided to make this unjustly forgotten classic accessible again by reprinting the original edition of this book. The edition has been supplemented with a new introduction by Hans-Hermann Hoppe.