Modern liberalism is fundamentally different from the classical to the extent to which the post(counter)modern is different from the modern. A shift occurred in the late sixties, at the time of the student movement and the 'Prague Spring'. In the late eighties and early nineties, they promised a life in freedom and entry into the 'European Home', into the 'family of European peoples'. Socialist countries of the Eastern Europe entered the era of 'transition', peaceful movement towards capitalism. Yesterday's Marxists and communists became liberals over night. Nowadays, when the whole world is in a deep crisis, including the lauded West, it is high time to consider where we are going and where we are. What is modern liberalism, an ideology governing the minds in our region for more than twenty years, is an issue we will discuss in this paper.