In a web app, libraries are in directories like these:
/lib
/library
/libraries
/lib, /library, /libraries are de facto standards. Now,
where should we locate JS libraries? (e.g. jQuery)
where should we locate JS frameworks? (e.g. Backbone.js, Knockout.js, Ember.js, Angular.js)
It's really up to you.
In a Django webapp, for example, it makes sense to keep these files in the STATIC_FILES dir specified by your settings file, because they are downloaded by clients and should be served statically.
Then you may want to have a versioning system for these files based on filename or directory name, so that you can instruct your HTTP server to set proper expiry headers.
There is a fundamental difference here from /lib in a C project, because these are files that are served to clients and should be able to be cache-busted at any time.