While Liberalism seemingly helps economic growth, a deeper dive into the matter shows that the political philosophy is not clean. A key facet of economic Liberalism is competition. The problem with free-market competition is that some competitors seemingly always take advantage of others. Older, marginalized, weaker, and younger people who enter a market are at a disadvantage compared to more established people and companies within a market.
Competition also can lead to monopolies. When one company in the market gains strength and power, they can buy their competitors. When they buy enough, there is no one else in the market to compete with, and they can set prices and standards however they wish. Government regulation helps keep the market fair. It can prevent companies from taking over an entire market and allow others to flourish.