 Liberal political theory, then, fractures over how to conceive of liberty. In practice, another crucial fault line concerns the moral status of private property and the market order. For classical liberals — ‘old’ liberals — liberty and private property are intimately related. From the eighteenth century to the present day, classical liberals have insisted that an economic system based on private property is uniquely consistent with individual liberty, allowing each to live her life —including employing her labor and her capital — as she sees fit. Indeed, classical liberals and libertarians have often asserted that in some way liberty and property are really the same thing; it has been argued, for example, that all rights, including liberty rights, are forms of property; others have maintained that property is itself a form of freedom (Gaus, 1994; Steiner, 1994). A market order based on private property is thus seen as an embodiment of freedom (Robbins, 1961: 104). Unless people are free to make contracts and sell their labour, save and invest their incomes as they see fit, and free to launch enterprises as they raise the capital, they are not really free.