Fine way ruler backed liberty (7)
I believe the answer is:
freedom
'liberty' is the definition.
(thesaurus)
'fine way ruler backed' is the wordplay.
'fine' becomes 'f' (abbreviation).
'way' becomes 'mode' ('mode' can be a synonym of 'way'**).
'ruler' becomes 'er' (abbreviation for Elizabeth Regina).
'backed' says the letters should be written backwards.
'mode'+'er'='modeer'
'modeer' reversed gives 'reedom'.
'f'+'reedom'='FREEDOM'
(Other definitions for freedom that I've seen before include "Lack of restrictions" , "'. . . . . . .'s just another word for nothin' left to lose' (Kristofferson)" , "outspokenness" , "Liberation" , "Autonomy" .)