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House of J (John+Joan Mastodon), or: Five Ways the Fediverse could help to save Liberal Democracy
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I think that's a good summary.
"Classical liberalism" is basically what modern libertarians want: a laissez-faire capitalist economy, a secular representative government with very limited powers, prioritizing individual freedom over collective well-being, etc.
In my part of the world "liberalism" is now commonly used to refer to a different set of priorities: creating economic safety nets, regulating business, promoting universal healthcare, unions, gender equality, racial equality, etc. Though capitalism and a secular representative government are still part of the mix.