The often misunderstood term Monetarism" is actually only a very narrow part of Friedman's theory, related to the money supply. It appears in the Chicago School of economics, to which Friedman belongs, but not in the Austrian school of Economics, to which Hayek belongs. Therefore Hayek can't be called a "monetarist", but both Hayek and Friedman can be called liberal.

Thanks for that. I do find that they have been confused and conflated and demonised. I am ashamed to say that Road to Serfdom has been on my "must read" shelf for almost as long as I can remember, having bought it because I read Free to Choose and found it not half as frightening as so many portray so I thought I'd read the "other guy".

It seems to me that, like so much that is done in transferring economic ideas into political ideologies I tend to like the "academic" origins of the ideas but not their implementation."