From La Postrel, here and here:

On the old political spectrum, socialism defined the left. That meant that the more you opposed socialism, for whatever reason, the further right you were. On the old spectrum, therefore, classical liberals were on the right, which makes us the right wing of the dynamist coalition.

It matters a lot whether we define our central challenge today as opposing socialism or as protecting dynamism. If we declare "the left" our enemies and "the right" our allies, based on anti-socialist assumptions, we will ignore the emerging left-right alliance against markets. We will miss the symbolic and practical importance of such cutting-edge issues as biotechnology, popular culture, international trade, and Internet governance. We will sacrifice whole areas of research and innovation to stay friendly with people who'll agree to cut taxes just a little bit, and only for families with children. We will miss the chance to deepen the appreciation for market processes among people who lack the proper political pedigree. We will sacrifice the future of freedom in order to preserve the habits of the past.