The label is an issue for anyone whose studied political history past the 1970s when when Stagflation and Reganomics occurred and The Third Way became the dominant “liberal” position/meaning in representative government. Aka economic liberalization.

That prosperity comes from protecting and serving the best business conditions, and that that is serving the people (rather than the previous model, that prosperity comes from serving and protecting a good quality of life/conditions for the people directly).

With this political belief came market deregulation, privatization of public services, and markets as partners or cooperators of government.