The 1848 revolution of the liberals meant the revolution led by the educated middle classes of Europe. Events of February 1848, in France brought about the abdication of the monarchy and a republic based on universal male franchise was formed. In Europe, the educated middle class made up of industrialists, businessmen and professionals played a lead role in nationalist movement. They were imbibed by liberal ideas and socially, demanded freedom of individuals, freedom of press and equality of all before law. Politically, they emphasized the concept of government by consent. Since the French Revolution, these revolutionaries stood for the end of autocracy and clerical privileges and emphasized a constitution and representative government through parliament. They also stressed the inviolability of private property. In the economic sphere, they stood for the freedom of markets and the abolition of state-imposed restrictions on trade.