America is the only country in which "liberal" is thought have any relationship to "left." In Australia, the right-wing party is called the Liberal Party.
"Liberals" are free market advocates who support change through competition and a hands off approach by government. "Conservatives" prefer the government support of firm moral values and established traditional institutions.
Somehow the US thinks that "liberal" means having a concerned look on your face, and that it's somehow related to communism, which takes the exact opposite position on the liberal's only defining belief. Communism shares so much more with conservatism, starting with an absolute belief in the importance of morality and institutions. Communism's major difference from conservatism is that it believes that the traditional institutions were created and controlled by a small group of inbred people for a small group of inbred people (which is undeniable, but also when conservatives get off the bus.)