"Golden Liberty" refers to the political system in the Polish-Lithuanian Commonwealth during the 16th to 18th centuries. It was characterized by a unique form of democracy where the nobility, known as the szlachta, held significant power. This system allowed for a high degree of individual freedom and participation in governance, including the right to elect the king. The concept emphasized the importance of personal liberties and the collective rights of the nobility. However, it also led to challenges, such as political instability and the "liberum veto," which allowed any member of the szlachta to veto decisions, often resulting in legislative paralysis.