Colin Bradley in Aeon:
On the one hand, the promise of a liberal society is of a society of equals – of people who are equally entitled and empowered to make decisions about their own lives, and who are equal participants in the collective governance of that society. Liberalism professes to achieve this by protecting liberties. Some of these are personal liberties. I get to decide how to style my hair, which religion to profess, what I say or don’t say, which groups I join, and what I do with my own property. Some of these liberties are political: I should have the same chance as anyone else to influence the direction of our society and government by voting, joining political parties, marching and demonstrating, standing for office, writing op-eds, or organising support for causes or candidates.
On the other hand, liberalism is usually uttered in the same breath as capitalism. Capitalism is a social system characterised by the fact that private persons (or legal entities like corporations) own the means of production.
More here.