The word “Axial” indicates the presence of [itex]\gamma_{5}[/itex] in the transformation law.
Consider the following axial transformation of a fermion field with TWO FLAVOURS;
[tex]\Psi \rightarrow U_{5}\Psi \equiv \exp (i \frac{\epsilon . \tau}{2}\gamma_{5}) \Psi . \ \ (1)[/tex]
In this, [itex]\gamma_{5}[/itex] operates on the Dirac components of [itex]\Psi[/itex], while Pauli’s matrices [itex]\tau^{i}[/itex] operate on the internal 2-dimensional flavour space of the fermions. We may call this group [itex]SU(2)_{5}[/itex]. This transformation takes on a simple form when expressed in terms of the chiral components of [itex]\Psi[/itex]. That is
[tex]
\Psi_{R}\rightarrow V \Psi_{R} \equiv \exp( i \frac{\epsilon . \tau}{2}) \Psi_{R},[/tex]
[tex]
\Psi_{L}\rightarrow V^{\dagger}\Psi_{L} \equiv \exp( - i \frac{\epsilon . \tau}{2}) \Psi_{L}.[/tex]
This can be shown by expanding eq(1) in a power series, and using the following
[tex]\Psi = \Psi_{R} + \Psi_{L},[/tex]
[tex]\gamma_{5}\Psi = \Psi_{R} - \Psi_{L}.[/tex]
So, the [itex]8 \times 8[/itex] transformation matrix [itex]U_{5}[/itex] can be written as
[tex]U_{5} = VP^{+} + V^{\dagger}P^{-}\ \ \ (2),[/tex]
where
[tex]P^{\pm} = \frac{1}{2}(1 \pm \gamma_{5}),[/tex]
are projection operators.
From eq(2), it follows that
[tex]\gamma^{\mu}U_{5}= U^{\dagger}_{5}\gamma^{\mu}.[/tex]
This means that [itex]\Psi[/itex] and [itex]\bar{\Psi}[/itex] transform in the same way,
[tex]\Psi \rightarrow U_{5}\Psi,[/tex]
[tex]\bar{\Psi}\rightarrow \bar{\Psi}U_{5}.[/tex]
Thus, chirally invariant Lagrangian must be constructed out of massless fermions; the presence of a small fermion mass term provides a mechanism for breaking chiral symmetry.
Since our fermion field has two flavours, the theory must also be invariant under the global group [itex]SU(2)[/itex]. So, the total symmetry group is [itex]SU(2) \times SU(2)_{5}[/itex]. This group is equivalent to [itex]SU(2)_{L}\times SU(2)_{R}[/itex] with element
[tex]
U_{L}U_{R}= \exp(i\frac{\epsilon_{L}.\tau}{2}P^{-}) \exp( i \frac{\epsilon_{R}.\tau}{2}P^{+}),[/tex]
where [itex]\epsilon_{L}[/itex] and [itex]\epsilon_{R}[/itex] are the independent parameters. To see the equivalence, let [itex]\Psi_{L}= P^{-}\Psi[/itex], and [itex]\Psi_{R}= P^{+}\Psi[/itex] be associated with the (finite dimensional) irreducible representations of Lorentz group [itex](1/2,0) \oplus (1/2,0)[/itex] and [itex](0,1/2) \oplus (0,1/2)[/itex], respectively. The transformations under two commuting [itex]SU(2)[/itex] groups are
[tex](2,1) \in SU(2)_{L}:[/tex]
[tex]\Psi_{L}\rightarrow U_{L}\Psi_{L}\equiv \exp( i\frac{\epsilon_{L}.\tau}{2})\Psi_{L},[/tex]
[tex]\Psi_{R}\rightarrow \Psi_{R},[/tex]
which can be combined into
[tex]
\Psi \rightarrow e^{i\frac{\epsilon_{L}.\tau}{2}} \frac{1}{2}(1 - \gamma_{5})\Psi + \frac{1}{2}(1 + \gamma_{5})\Psi,[/tex]
or
[tex]\Psi \rightarrow \exp(i\frac{\epsilon_{L}.\tau}{2}P_{-})\Psi .[/tex]
[tex](1,2) \in SU(2)_{R}:[/tex]
[tex]\Psi_{L}\rightarrow \Psi_{L},[/tex]
[tex]\Psi_{R}\rightarrow U_{R}\Psi_{R} = \exp( i\frac{\epsilon_{R}.\tau}{2})\Psi_{R},[/tex]
which we can write as
[tex]\Psi \rightarrow \exp(i\frac{\epsilon_{R}.\tau}{2}P^{+})\Psi[/tex]
Therefore, the combined [itex]SU(2)_{L}\times SU(2)_{R}[/itex] transformation is given by
[tex]
\Psi \rightarrow U_{L}U_{R}\Psi = \exp[i(\epsilon_{L}P^{-} + \epsilon_{R}P^{+}) . \frac{\tau}{2}] \Psi . \ \ \ (3)[/tex]
If we define
[tex]\alpha = \frac{1}{2}(\epsilon_{R} + \epsilon_{L}),[/tex]
[tex]\epsilon = \frac{1}{2}(\epsilon_{R} - \epsilon_{L}),[/tex]
then, the [itex]SU(2)_{L}\times SU(2)_{R}[/itex] element [itex]U_{L}U_{R}[/itex] becomes
[tex]
U_{L}U_{R} = \exp(i\frac{\alpha . \tau}{2}) \exp(i\frac{\epsilon . \tau}{2}\gamma_{5}),[/tex]
which belongs to the original symmetry group [itex]SU(2) \times SU(2)_{5}[/itex].
The meaning of chiral symmetry is, according to eq(3), the statement that an [itex]SU(2)[/itex] symmetry can be INDEPENDENTLY realized on the two subspaces projected out by the [itex]P^{\pm}[/itex] operators, i.e., the transformations on these two spaces can have different parameters.
Regards
Sam