What are the faults of liberalism?The word liberal is confusing. In the US it is used to indicate progressive political views, while in many European countries it is a synonim for conservative.
Both conservative and progressive movements have positive and negative aspects. Conservatives traditionally resist social change, such as gay rights or women's rights, while progressives give high priority to such issues.
Conservartives often oppose taxes and more generally excessive government intervention in the economy. Progressives, on the other hand, are often criticised for being too enthusiastic about taxing people and using the money for all sorts of social programmes. There is merit in this criticism since subsidies can lead to corruption and unfair treatment of certain categories. Progressives are also criticised for supporting heavy handed government intervention in the economy, which can distort trade and allow government to favour certain categories over others.
In general, countries where progressive parties have been in power for long periods tend to have a bloated public sector, relatively high taxes, and legislation that stifles private companies, including small businesses and startups. Countries with long conservative dominance might experience greater social inequalities and inadequately funded public services, but generally have a more dynamic economy.