Distinguish between economic liberalism and social liberalism.

Economic liberalism is a species of classical liberalism and provides the basis for neo-classical economic theory whereas social liberalism is a species of modern liberalism and argues that an unregulated market economy will always result in unequal and inequitable distribution of wealth.
Under the concept of Adam Smith's 'invisible hand' economic liberalists promote a self-regulating market and believe the market tends towards a long term equilibrium. And in terms of the market, the market competition ensures choice and consumer responsiveness as well as efficiency and growth. This is known as laissez faire- ultimately the state should leave the economy alone and let the market be self regulating.
In comparison, social liberalists believe that the state does have a responsibility to safeguard individuals from the social evils that can cripple their existence such as poverty and disease. Thus the state was seen as a vehicle for extending liberty (William Beveridge report) and helping the neediest in society. They also has a commitment to a qualified form of welfarism- the desire to help people to help themselves - such as through education.