Yes. Liberalia is the name of the holiday, but it also means "of the free". Philosophia Libralia is the philosophy of the free. When is was imported into English, the Latin ending of 'ia' was dropped, resulting in 'liberal philosophy' and eventually just liberalism.

Also, liberal arts comes from Ars Libralia. Ars is usually translated as art, but I think that is a bit archaic. The meaning is closer to practice, like the practice of medicine. The liberal arts are supposed to be the practices of free people.