Liberalism and Conservatism

Define both Liberalism and Conservatism and briefly discuss the key components of each ideology.
According to, Liberalism is defined as 1) “a political or social philosophy advocating the freedom of the individual, parliamentary legislatures, governmental assurances of civil liberties and individual rights, and nonviolent modification of institutions to permit continued individual and social progress”; 2) a political orientation that favors social progress by reform and by changing laws rather than by revolution; 3) an economic theory advocating free competition and a self-regulating market.
In one of his lectures at Yale University, Alan Paton said, “By liberalism I don't mean the creed of any party or any century. I mean a generosity of spirit, a tolerance of others, an attempt to comprehend otherness, a commitment to the rule of law, a high ideal of the worth and dignity of man, a repugnance for authoritarianism and a love of freedom.”
Freedictionary. com defines Conservatism as: 1) a political philosophy advocating the preservation of the best of the established order in society and opposing radical change; 2) a   political philosophy or attitude emphasizing respect for traditional institutions, distrust of government activism, and opposition to sudden change in the established order; 3) the disposition to retain what is established and to practice a policy of gradualism rather than abrupt change; 5) opposition to change and innovation; 4) the inclination, especially in politics, to maintain the existing or traditional order.
Ronald W. Reagan tried to define conservatism, “If you analyze it I believe the very heart and soul of conservatism is libertarianism. I think conservatism is really a misnomer just as liberalism is a misnomer for the liberals -- if we were back in the days of the Revolution, so-called conservatives today would be the Liberals and the liberals would be the Tories. The basis of conservatism is a desire for less...