Conservative concept of "Personal Responsibility"

One of the main principles of conservative political philosophy are "personal freedom" and "personal responsibility". Have conservatives taken those concepts to a political extreme? I'm not proposing those concepts should be abandoned in a "liberal" philosophy; just that conservatives have stretched the concepts to a logical extreme. An extreme that assumes that no one has any responsibility for anyone else. Built into that conservative belief is a deep sense of arrogance and self righteousness; that serves to debase all social constructs of "community responsibility" and assumes that financial failure is a failure of character and ignores that success is often times the result of shear luck? Is the "truth" of the matter more to the center of the spectrum?