What's the difference between a classical liberal and a modern liberal?

[obedientbanana958]

Modern liberals mostly ascribe to Keynesian economics, and a regulated free-market economy.
Classical liberals fall more in line with libertarians who want to eliminate government intervention in the free-market, however, this differs vastly from the neo-liberal policies as espoused by Republicans like Reagan and George W. Bush. They still used government influence on the economy with things like corporate subsidies, devaluing of the currency, etc.

So classical liberals are supporters of a true free-market (not Republicans), and modern liberals believe in a more regulated one (often keeping in mind principles such as social justice and equality, which you brought up).