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Discussion 1 to Meditation 353
Meaning of "liberalism"

by David Marjanovic

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Your second footnote states:

I think it is safe to assume that Cardinal Ratzinger was referring to liberalism in its classical sense rather than the pejorative "left wing" associations it has taken on in recent years.

Certainly. The latter sense is completely restricted to the USA. In Europe, for example, Kerry would count as conservative, and Bushonomics is considered extremely neoliberal.