Liberal, as it was and always has been used academically and philosophically, refers to Liberalism, an ideology centered around private property rights and individual liberty as core values.

You are using it as a synonym for open-minded and forward thinking, which are certainly good traits, but not exclusive to nor expressive of leftism. Leftism is about worker ownership of the Means of Production, plain and simple.

As for Gen Z, yes, there is a rising reactionary movement just as there is a rising Leftist movement. Socialism is more popular than ever among Gen Z. The fact that fascism is also rising, albeit at a slower pace, among Gen Z is just a symptom of the rising Socialist sympathies. Fascism has always been expressed as a defense against rising Socialist sympathies as the bourgeoisie violently protects itself. People don't just decide to become fascist, nor do they just decide to become Socialist.

History is driven by material conditions, not by people and ideals. Look for root causes.

I would add that when the ideas were first conceived, property ownership was a progressive measure, as opposed to the ruling party owning all the lands.

If you take the intent behind the outcome, you get the definition I posted.

You're confusing a few of my points here.

Capitalism is not a necessary outcome of individual liberty, correct! However, liberalism itself was focused on many things, such as private property rights and Capitalism itself. Liberalism is not just individual liberty.