1) An abbreviation for liberal feminism, a general term of
feminism that rejects the belief that women are less capable than men and focuses on equal rights, especially in the legal and political spheres, between women and men.
2) A liberal
feminist, i.e. one who subscribes to the ideals of liberal feminism.
Libfems fight for equal rights for women, which have in the past included the right to vote and to own property, and currently encompasses the right to not be discriminated against, to be protected from sexual harassment, and to have access to women's healthcare.