How to organize the economy of an ideal society in the opinion of liberals?

Liberal parties spread in the 19th and 20th centuries. Representatives of these parties believed that an ideal society should be based on the existence of private property and the absence of exploitation. In order to achieve an ideal society, you need to carry out liberal or bourgeois reforms. The economy, in their opinion, should acquire a market-oriented appearance. They allow for moderate competition and income differentials due to differences in activities. Liberal parties were in favor of establishing a democratic republic.