"Reflections on Modern American Conservatism" - the Evolution of Modern Conservatism appears to be tracing the steps of "Classical Liberalism" to "Modern Liberalism".

"CLASSICAL LIBERALISM: A term used to describe a political philosophy commonly held in nineteenth-century England and France but now undergoing a renaissance in the United States. Classical liberals advocate free markets, a vibrant array of nongovernmental institutions (such as civic groups, schools, churches, etc.), and minimal tax-financed government services. Classical liberals firmly believe that both persons and property should be protected from physical harm. They also emphasize the strict enforcement of contracts. Classical liberals, following Lord Acton, consider liberty to be the highest political value but not to the point of becoming a worldview. Examples of classical liberal thinkers include Frederic Bastiat*, Lord Acton*, Alexis de Tocqueville*, John Locke*, John Stuart Mill*, and Friedrich Hayek*."

"MODERN LIBERALISM: A term used to describe a political philosophy with progressive cultural and political viewpoints. Modern liberals are not always hostile to the free market, but they do think that if left to itself the random nature of the market will produce poverty and inequality. They argue that state action is necessary in all areas where human welfare is at risk, including direct government assistance, pensions, unemployment insurance, and health care. Liberals actively lobby for social change through political and legislative means. Their motivation for proposing radical reforms usually stem from a perceived violation of justice, fairness, or a sense of social equality. Today’s usage is often associated with such terms and concepts as legal activism, government regulation of the economy, and the redistribution of wealth. Key thinkers include John Kenneth Galbraith, Upton Sinclair*, John Rawls, Reinhold Niebuhr*, and Walter Rauschenbusch*."

Traditional "Conservatism" seems to be metastasizing simularly into "Modern Conservatism":

"CONSERVATISM: Although the term conservative can mean many different and often contradictory things depending on the context, it is generally a description of an outlook or disposition that is traditional. The word "traditional" may simply refer to a political or social attitude, or to a more or less well-defined set of political policies designed to preserve traditions (moral, political, cultural) inherited from the past. It is important to note that conservatives’ defense of the traditional does not simply stem from the fact that it is old, but that it is somehow true. Conservatives support this claim by appealing either to the moral values of Christianity or to natural law. Conservatives resist change. They stress the limits of human reason, and regard human nature to be tainted by sin. Today’s usage is often associated with such terms and concepts as family values, the political right, and the Republican party. Key thinkers include Edmund Burke*, Russell Kirk*, Richard Weaver*, and Leo Strauss*."

Dictionary of Key Terms for a Free and Virtuous Society

"MODERN CONSERVATISM: Arnold Schwarzenegger for Governor".