There was a similar use in the 17 and 1800s when conservatives were the upper nobility and liberals were the lower nobility and capitalists (this caused problems when the liberals, who used the working class to carry out their revolution, then turned on the working class when their own aims were achieved, since at that point, the interests of the lower nobility+capitalist classes diverged with the working class, which typically left the liberals unable to defend themselves from the forces of reaction. This happened at least 5 different times.).

Today though, conservatives are still liberal.