Historically/traditionally, far-right or extreme right was defined as anarchy or complete free market capitalism.(no state/gov control,zero government taxation)
Far-left was defined as fascist/authoritism/communism.(complete state control, 100% taxation, no private property/land ownership)
What really spread confusion in western definitions, was classifing the Nazis(hard-left socialist) as far-right, mainly to appease the Soviets, and as western nations became more secular, they classified religions as right-wing, 'charitable' organizations.
(Whereas I'd argue, most major religions are collectivist(left-wing) in nature.)
This shifted liberals,who were traditionally right-wing(advocating for indivdual rights and liberties) and less religious, over to the left in peoples minds.(I consider myself as a centre right liberal)
Edit: Also the US government legally classified coporations as 'individuals' giving them the same/similar rights and benifits as its citizens.
Right-wing adcovates for individual rights and liberties.
Left-wing adcovates for collective rights/governmental power.
Edit 2: sorry for any thread derailment and for getting super political.