By definition, liberty is the state of being free from the oppressive restrictions imposed by authority on one's behavior or political views. But I believe otherwise- liberty is the act of being oneself; it is the freedom of our state of mind, our state of righteousness and following a path we feel is progressive.
Some concepts relate to existence in an imagined state of nature, and therefore define the active exercise of freedom and control essential to liberty in corresponding ways. Freedom and rules go hand in hand. Without freedom, we don't live; we merely exist in the Abaddon of slavery. Revolutions finally regulate the merciless slaughter of complete serfdom, ironically, using violence as its main weapon.
Rules are what bind us together. Regulation is what controls the extremities. Liberty is what frees us.
However, just like many other aspects of life, too much of liberty and freedom has its consequences.
Hypothetically, if the world were to have no rules, ranging from obeying the traffic signal down the street to the payment of taxes were to be dissolved; there would be several scenarios that could occur, some favorable and some vile.
In the first many months people would be fulfilling their dreams that were previously bounded by the chains of law and deemed illegal. Worst case scenario- there would be deaths too; there are quite a few who will kill for revenge, greed, or simply for the thrill of it.
In the later years, there would be chaos and pandemonium in the streets. People would be apprehensive to step out of their doorsteps, lest they get shot, or worse. The world would be plagued by barbaric murderers, assaulters and criminals; and no one to control them, no one to defend those who are powerless.
To condense it all; liberty, when regulated, is a wave of fresh, sweet breeze- one which affectionately caresses our hair in the warmth of the spring. However, if overused, liberty can make our existence stormy and nebulous. Moreover, unceasing giving in and pampering of our vices will lead us to regret, or worse, egomaniacal tendencies. The importance of time will soon be neglected and forgotten. The very essence of humanity will drown in the murky depths of violence and greed and, beyond the shadow of doubt, fade into oblivion. The world will indeed become a dangerously unfortunate hell-hole to live in.