There are two basic and differing senses of "liberal"
-- Politically, a liberal is one who opposes govt interference in our private lives. This sort of person would support anything consenting adults want to do, possibly believe in the legalization of drugs, and possibly some role for the govt in leveling the playing field.
-- Economically, a liberal is one who opposes govt interference in the free market. This sort of person might oppose regulation, minimum wage, tariffs, etc.
It gets confusing because political liberals tend not to be economic liberals and vice versa.
There is nothing about "liberal" that implies "socialist."
Joanna