In many other countries, the right-wing party is called "Liberal". The reason is that the history of liberalism is closely intertwined with the history of economics, but they started to diverge when economists started to argue that wage floors and welfare could result in slower economic progress. The most extreme example of the latter argument is John von Neumann's turnpike theory:
http://en.wikipedia.org/wiki/Turnpike_theory
There was a sort of "split" between people who wanted to maximize economic growth and people who wanted to optimize for some other measures of social well-being, but, crucially, they were both operating within the "social metric optimization" context of 19th century liberalism, aka classical liberalism, which included e.g. Bentham, Mill, and Schopenhauer. The major 19th century competitors to this philosophy were the various flavors of socialism, largely comprising the followers of Marx and Ricardo, which prefer to build social structures that naturally encourage human freedom (at least in theory), and also the various flavors of conservatism, which aim to preserve historical social structures believed to be beneficial for reasons that are often not clearly expressed. In countries subject to colonial conquest -- that is, everywhere except Western Europe, Russia, Turkey, Iran, Oman, Thailand, China and Japan -- these historical social structures were destroyed, and along with them the population's appetite for conservatism. In Japan, Italy and Germany, conservatism was heavily curtailed after World War II.
When liberalism's main competitor was conservatism, the growth-maximizers tended to align themselves with the conservatives and liberals were on the "left". But when it was socialism, the well-being-maximizers aligned themselves with the socialists and liberals were on the "right". What connects the two kinds of liberals is a reliance on numerical measurements of individual status (wealth, happiness, lifespan) and dynamical theories (economics, sociology) to define, promote and produce social progress.