The political ideology that emphasizes the importance of individual liberty and free markets is known as liberalism. This ideology advocates for minimal government intervention in both personal and economic matters, allowing individuals to pursue their interests freely. It promotes the idea that a free market economy fosters competition, innovation, and prosperity, benefiting society as a whole. Liberalism also emphasizes the protection of civil liberties, human rights, and democratic governance, ensuring that individuals have the freedom to express themselves and participate in the political process without fear of oppression.