It depends where you live.
On my recent visit to Spain, it soon became clear that a liberal was someone who believed in the free market and that the state can do damage. In other words, a liberal believes in what are considered right-wing economics.
But in the USA, a liberal is quite the opposite. A liberal believes in big government. I am not sure but it might also mean being in favour of social laws allowing such things as gay marriage and abortion.
In Britain the word is confused by the existence of the Liberal Democrats whose policies, of course, change over time. But as rough generalisation, the party is probably somewhere in the middle on the big government versus private enterprise argument.
I suspect the Spanish idea is closest to the original meaning of the phrase. But it does not really matter. If talking to people of varied nationalities, the word ‘liberal’ is now practically useless.