I rather disagree with that very recent interpretation of the word.
Rather it means liberty from both government AND oligarchs. Replacing one tyrant with another still gets you a tyrant. Power does corrupt, no matter whose hands it's in.
I'm all in favor of progress. But what is progress politically? That's another debate entirely.
Sorry I'm long winded today.
I think liberalism works off the assumption that a purpose of democratic governance is to protect the people from power elites, which these days means those people or organizations with concentrated wealth. A long time ago it meant primarily authoritarian government. It could in reality mean any of a number of oppressors - kings, tyrants, corporations, oligarchs, etc.
In the libertarian approach, the government doesn't tell the corporations not to dump toxic waste. So if they do, and people are victimized by it, their remedies are limited. The modern liberal doesn't accept this libertarian premise of Absolute Liberty, meaning that the government can't restrict behavior of those with wealth and power in order to protect those who don't have it. That is because Absolute Liberty is a fallacy which assumes that only the government can take away one's freedom, meaning that Absolute Liberty is only freedom
from government. All other forms of domination and exploitation therefore must be tolerated. The concept of it is absolute, but only within the narrow framework of how libertarians define liberty. Their idea is that we are all free so long as government does not act. That is simply incorrect. Sometimes government action enhances freedom. I word argue that modern liberals have a much more expansive view of liberty than do libertarians who seems to make it their core premise.
You said it yourself. Democracy is/was a liberal and progressive idea, the point of it being to give the power to the people (i.e. liberty) because other forms of government perpetuate the domination of people by elites. Modern liberals do not believe this means that the government sits by while power elites do whatever they wish, all in the name of protecting an abstraction they call "the fee market." Which isn't really free at all except for those with power and wealth. They also do not see a restriction on corporations dumping toxic waste as the equivalent of the government getting into our bedrooms and reproductive systems because the one protects people from corporations making them sick and restricting their freedom of movement, while the other protects them from government intrusion into their private affairs. Liberalism is entirely consistent here in protecting people from both government intrusion and from the power of private wealth.
This is consistent with the eternal idea of liberalism being about protecting and empowering people. Freedom from government intrusions into their private affairs and freedom from corporate domination and exploitation are not fundamentally different nor mutually exclusive. The one may require government inaction, while the other requires the opposite but the two are totally compatible. Libertarianism is a one size fits all philosophy which is sometimes good for people and sometimes not. Liberalism intends to protect people from all forms of domination and exploitation, not just the part which may come from government. Government of course cannot function that way - in people's interests - unless it is truly democratic, which is exactly why democracy is/was a liberal and progressive idea.
That said, there are some manifestations of modern liberalism, when taken to the extreme, which can be quite authoritarian. Such as some "liberal" college students opposing free speech on campus. That simply isn't liberalism, not in the classical sense, or in the modern sense. Those are the people who have lost their way, not the ones who support reasonable regulations of Wall Street and social safety nets.