The video begins by exploring the history and definition of classical liberalism, emphasizing its focus on individual freedom, limited government, and a free-market economy. The speaker traces its origins to the Enlightenment period, highlighting influential philosophers like John Locke, who advocated for natural rights, and Adam Smith, who championed economic freedom. The discussion then shifts to the evolution of classical liberalism into its more modern forms, noting its influence on contemporary political and economic systems worldwide. The video also addresses common criticisms of classical liberalism, such as its perceived neglect of social justice and income inequality issues. It concludes by examining the challenges and relevance of classical liberalism in today's society, where global and local issues increasingly test its principles and adaptability.