There are two different definitions of the word conservative in today's political terminology.
Conservative is an adjective that describes any position on the political spectrum that is associated with the traditional values in a given country. It is used in the Anglo-Saxon world to denote a political stance based on reduced government involvement and caution about change. In recent years the United States Republican Party has been commonly identified as the conservative party in U.S. Politics. On the other hand, in Eastern Europe, the conservative parties are those associated with socialist or communist ideas, e.g. the Bulgarian Socialist Party.
Another way of defining conservative is by a specific set of values, as identified by George Lakoff. These values come from a moral foundation based in a hierarchy.
Recently, a group known as Neoconservatives has arisen in the United States, basing their political stance more around a moralist approach and aggressive, militaristic foreign policy. Notable members of this group include President George W. Bush. This set of political believes occasionally argues for a greater role for a government as it puts an increasing number of values above a person's individual freedom. Such values include national security and some religious ideals.